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

question 113

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 supplied 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 = $9.00; Q = 330,000
• B) W = $9.50; Q = 370,000
• C) W = $10.00; Q = 350,000
• D) W = $8.00; Q = 390,000

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Definitions:

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