(Solved): The following graph shows a labor market with a binding minimum wage, Use the blue point (circle sy ...

The following graph shows a labor market with a binding minimum wage, Use the blue point (circle symbol) to indicate the quantity of labor demanded, and use the orange point (square symbol) to indicate the quantity of labor supplied in this case. Suppose there is a decrease in the minimum wage. On the previous graph, shilt the black line labeled "Minimum Wage* to show the effect this has on the wage pald to workers. Then use the green paint (triangie symbol) to indicate the new quantity of iabor demanded, and use the purple point (diamond symbov) to indicate the new quantity of tabor supplied given this decrease in the minimain wage. True or False: The amount of unemployment in this industry falis as a result of the decrease in the minimum wage. Problems \& Applications (Ch 15) Suppose there is a decrease in the minimum wage. On the previous graph, shift the black line labeled "Minimum Wage" to show the effect this has on the wage paid to workers. Then use the green point (triangle symbol) to indicate the new quantity of labor demanded, and use the purple point (diamond symbol) to indicate the new quantity of labor supplied given this decrease in the minimum wage. True or Faise: The amount of unemployment in this industry falls as a result of the decrease in the minimum wage. True False