The Table Above Shows the Labor Demand and Labor Supply

question 81

Multiple Choice

$\begin{array} { c c c } \hline \begin{array} { c } \text { Real wage rate } \\\text { (2005 dollars } \\\text { per hour) }\end{array} & \begin{array} { c } \text { Quantity of labor } \\\text { demanded } \\\text { (billions of hours } \\\text { per year) }\end{array} & \begin{array} { c } \text { Quantity of labor } \\\text { supplied } \\\text { (billions of hours } \\\text { per year) }\end{array} \\\hline 40 & 200 & 320 \\35 & 220 & 310 \\30 & 240 & 300 \\25 & 260 & 290 \\20 & 280 & 280 \\15 & 300 & 270 \\\hline\end{array}$

The table above shows the labor demand and labor supply schedules for a nation. The equilibrium real wage rate is _{-------------} and the equilibrium quantity of labor is_{-------------} billions of hours per year.

• A)$20; 260
• B)$15; 260
• C)$25; 260
• D)$20; 280
• E)$40; 320

---

Definitions:

Intrapreneur

An employee within a company who is given the freedom and financial support to create new products, services, systems, or businesses, acting as an entrepreneur within the organization.

Venture Capitalist

An investor who provides capital to startup companies and small businesses with perceived long-term growth potential.

Diversify

The strategy of allocating investments or resources across various assets, industries, or sectors to reduce risk and enhance potential returns.

Tolerance For Failure

The willingness or capacity of an individual or organization to endure the negative effects of failures in pursuit of success.