Indicate on the graph with the introduction of Minimum wages rate W1 there will be an increase in labour supply from Qs to Qr. Mark and label the graph correctly. Mark and label the graph correctly what will be the effect of the excess supply of labour.

Step 1: Mark the minimum wage W_1 and quantity supplied Q_1. Draw a horizontal line above the equilibrium wage W_0 and label it W_1. This line represents the minimum wage. From the point where the W_1 line intersects the supply curve (S), draw a vertical dashed line down to the quantity axis. Label this point on the quantity axis as Q_1. This indicates the quantity of labor supplied at the minimum wage W_1. Step 2: Mark the quantity demanded Q_D and the excess supply of labor. From the point where the W_1 line intersects the demand curve (D^D), draw a vertical dashed line down to the quantity axis. Label this point on the quantity axis as Q_D. This indicates the quantity of labor demanded at the minimum wage W_1. The horizontal distance between Q_D and Q_1 on the quantity axis represents the excess supply of labor. This segment should be clearly marked on the graph, for example, by shading the area between Q_D and Q_1 along the W_1 line, or by drawing an arrow between Q_D and Q_1 and labeling it "Excess Supply of Labour" or "Unemployment". Step 3: State the effect of the excess supply of labor. The effect of the excess supply of labor is an increase in unemployment. At the minimum wage W_1, more people are willing to work (Q_1) than firms are willing to hire (Q_D), leading to a surplus of labor. The effect of the excess supply of labor is: Unemployment Send me the next one 📸