Will this increase number of people entering the labor

Reference no: EM13394943

The following table presents data for wages in the market for internet security professionals.

In the labor market the roles are reversed. Those who want to hire labor are the demanders. The workers enter the work force providing labor to the market place so they are the suppliers.

Wage	Quantity Demanded	Quantity Supplied
$50,000	20,000	14,000
$60,000	18,000	18,000
$70,000	16,000	22,000
$80,000	14,000	26,000
$90,000	12,000	30,000

What is the equilibrium wage?

Now, consider this scenario: Due to an increase in the internet security threats, the government wants to apply a price control in this market to encourage more people to become internet security professionals. Assume that a wage control is set at $75,000. Will this increase the number of people entering this labor market? Why or why not? Will this increase the number of people hired? Why or why not?

Reference no: EM13394943

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