Table 43 Table 43 Shows the Demand and Supply Schedules for the Labour

question 110

Multiple Choice

Table 4.3
$\begin{array}{|c|c|c|}\hline \begin{array}{c}\text { Hourly Wage } \\\text { (dollars) }\end{array} & \begin{array}{c}\text { Quantity of } \\\text { Labour } \\\text { Supplied }\end{array} & \begin{array}{c}\text { Quantity of } \\\text { Labour } \\\text { Demanded }\end{array} \\\hline \$ 7.50 & 530,000 & 650,000 \\\hline 8.50 & 550,000 & 630,000 \\\hline 9.50 & 570,000 & 610,000 \\\hline 10.50 & 590,000 & 590,000 \\\hline 11.50 & 610,000 & 570,000 \\\hline 12.50 & 630,000 & 550,000 \\\hline\end{array}$
Table 4.3 shows the demand and supply schedules for the labour market in the city of Oshawa.
-Refer to Table 4.3.Suppose that the quantity of labour demanded decreases by 80,000 at each wage level.What are the new free market equilibrium hourly wage and the new equilibrium quantity of labour?

• A)W = $8.50; Q = 550,000
• B)W = $12.50; Q = 630,000
• C)W = $9.50; Q = 570,000
• D)W = $9.50; Q = 590,000

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Definitions:

Horizontal Analysis

A financial analysis method that compares historical financial data over a series of periods to identify trends and changes.

Horizontal Analysis

A financial analysis technique that compares line items in financial statements over a series of periods to identify trends.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, resulting in net profit or loss.

Trend Analysis

The practice of collecting information and attempting to spot a pattern, often used in financial contexts to forecast future movements based on historical data.