Table 4-8 Table 4-8 Shows the Demand and Supply Schedules

question 325

Multiple Choice

Table 4-8
Table 4-8 shows the demand and supply schedules for the low-skilled labor market in the city of Westover.
-Refer to Table 4-8. Suppose that the quantity of labor demanded decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

• A) W = $10.00; Q = 390,000
• B) W = $9.50; Q = 380,000
• C) W = $8.50; Q = 340,000
• D) W = $8.00; Q = 350,000

---

Definitions:

Marijuana

A psychoactive drug derived from the Cannabis plant, used for medical or recreational purposes, known for its relaxing effects.

Car Accidents

Incidents involving vehicles on roads that result in damage, injury, or death.

Endocannabinoids

Natural compounds in the body that activate the same neural receptors as cannabinoids found in cannabis, involved in various physiological processes.

Internally Produced Chemicals

Substances synthesized within the body, such as hormones and neurotransmitters, that regulate various physiological functions.