{
  "id": "real-wage-unemployment",
  "name": "Real-wage (classical) unemployment",
  "unit": "macro",
  "unitName": "Unit 3 · Macroeconomics",
  "topic": "Unemployment",
  "hl": false,
  "description": "If the real wage is held above equilibrium (e.g. by a minimum wage or trade unions), the quantity of labour supplied exceeds the quantity demanded.",
  "keywords": [
    "real-wage unemployment",
    "classical unemployment",
    "disequilibrium unemployment",
    "minimum wage",
    "trade unions",
    "excess supply of labour"
  ],
  "schemaUrl": "https://graphs.lectere.com/api/v1/templates/real-wage-unemployment",
  "previewUrl": "https://graphs.lectere.com/thumbs/real-wage-unemployment.svg",
  "editorUrl": "https://graphs.lectere.com/graph/real-wage-unemployment/",
  "params": [
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      "key": "eq",
      "label": "Show the equilibrium wage",
      "default": true,
      "type": "boolean"
    },
    {
      "key": "wage",
      "label": "Wage above equilibrium",
      "default": 2,
      "group": "Shape",
      "type": "number",
      "min": 0.8,
      "max": 3.5,
      "step": 0.1
    }
  ],
  "defaults": {
    "eq": true,
    "wage": 2
  },
  "panels": [
    {
      "id": "main",
      "title": null,
      "xLabel": "Quantity of labour",
      "yLabel": "Real wage rate",
      "xRange": [
        0,
        10
      ],
      "yRange": [
        0,
        10
      ],
      "axisKeys": {
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        "y": "main:y"
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  "labels": [
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      "key": "main:y",
      "default": "Real wage rate",
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      "panel": "main"
    },
    {
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      "panel": "main"
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      "panel": "main"
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      "panel": "main"
    },
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      "default": "W_1",
      "hint": "Axis mark",
      "panel": "main"
    },
    {
      "key": "main.qd:x",
      "default": "Q_d",
      "hint": "Horizontal-axis value",
      "panel": "main"
    },
    {
      "key": "main.qs:x",
      "default": "Q_s",
      "hint": "Horizontal-axis value",
      "panel": "main"
    },
    {
      "key": "main.u",
      "default": "unemployment",
      "hint": "Arrow / line",
      "panel": "main"
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  ],
  "elements": [
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      "kind": "curve",
      "label": "AD_L"
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      "label": "AS_L"
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    {
      "key": "main.e",
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    },
    {
      "key": "main.wline",
      "kind": "line"
    },
    {
      "key": "main.w1",
      "kind": "tick",
      "label": "W_1"
    },
    {
      "key": "main.qd",
      "kind": "point"
    },
    {
      "key": "main.qs",
      "kind": "point"
    },
    {
      "key": "main.u",
      "kind": "line",
      "label": "unemployment"
    }
  ],
  "stats": null,
  "example": {
    "template": "real-wage-unemployment",
    "params": {
      "eq": true,
      "wage": 2
    }
  }
}