The following graph represents Zendar's labor market.Use this graph to answer the following questions:
-To have no surplus or shortage of workers in Zendar,what does the wage rate have to be?
Definitions:
Demand
The desire to purchase goods and services backed by the ability and willingness to pay a price.
Economic Theory
A set of principles that explain how economic processes work, guiding the analysis of economic behavior and decision-making.
Relatively Inelastic
Term indicating that the demand or supply for a good or service changes only slightly in response to changes in price.
Percentage Increase
A mathematical calculation to determine the relative growth of a value by a certain percentage.
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