Use the Figure Below to Answer the Following Questions

question 69

Multiple Choice

Use the figure below to answer the following questions. Figure 18.3.5
-Refer to Figure 18.3.5.This figure shows the labour supply curves and the value of marginal product curves for high-skilled and low-skilled workers.The equilibrium wage rate for high-skilled workers is

• A)$15 an hour.
• B)$12 an hour.
• C)$18 an hour.
• D)$24 an hour.
• E)$21 an hour.

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Definitions:

Unneeded Workers

Employees or labor that are surplus to the requirements of a current production process or economic system.

Union Workers

Employees who are members of a labor union, an organization that represents workers in negotiations with employers over wages, benefits, and working conditions.

Disputes

Conflicts or disagreements that arise in economic transactions or between parties over resources, contracts, policies, or regulations, often requiring negotiation or legal intervention to resolve.

Union Wage Advantage

Union wage advantage refers to the higher wages that unionized workers typically earn compared to their non-union counterparts.