Is it your understanding of economics that all markets are efficient all the time?
No. And you're showing your ignorance again even suggesting that.
That would be another assumption implicit in the toy model presented about.
No, it's not.
The model can be duplicated for any job classification and the results would be the same. Only the point where the supply and demand lines meet would change.
This model attempts to depict the MEDIAN
equilibrium point for jobs supplied and jobs wanted and shows how workers who would like to work are priced out of a job with a minimum wage which exceeds the equilibrium point.
Just because you don't understand what the graph depicts (which you obviously don't based on your juvenile explanation of what you think it shows) reveals to everyone your ignorance again.
I have bookmarked this thread in order to throw it back into your face every time you claim any expertise in financial matters.