Southern New Hampshire University Economics Worksheet

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I’m working on a economics test / quiz prep and need an explanation and answer to help me learn.

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2 . Minimum wage legislation
The following graph gives the labor market for the fast-food industry of the imaginary city of
Combopolis.
Use the graph input tool to help you answer the following questions. You will not be graded on any
changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey
field will change accordingly.
3 . Effect of a tax on buyers and sellers
The following graph shows the weekly market for handbags in some hypothetical economy. Suppose
the government levies a tax of $40.60 per bag. The tax places a wedge between the price buyers pay
and the price sellers receive.

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