Figure 18-5 -Refer to Figure 18-5. When the Relevant Labor Supply Curve

question 73

Multiple Choice

Figure 18-5
-Refer to Figure 18-5. When the relevant labor supply curve is S₁, and the labor market is in equilibrium, the

• A)wage is W₂.
• B)opportunity cost of leisure to workers is W₂.
• C)marginal product of labor to firms is W₁.
• D)value of the marginal product of labor to firms is W₁.

---

Definitions:

\(8 !\)

The factorial of 8, which is the product of all positive integers less than or equal to 8, calculated as \(8 \times 7 \times 6 \times 5 \times 4 \times 3 \times 2 \times 1\).

\(11 !\)

Denotes the factorial of 11, which is the product of all positive integers from 1 to 11, calculated as \(11! = 11 \times 10 \times 9 \times ... \times 1\).

\(6 ^ { n + 2 }\)

An exponential expression representing six raised to the power of n plus two, where n is any real number.

\(- 1\)

Represents a negative unit value in mathematics, often used to indicate the opposite or additive inverse of a positive value.