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

question 144

Multiple Choice

Table 4-4

Table 4-4 shows the demand and supply schedules for the labor market in the city of Pixley.
-Refer to Table 4-4.What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*) ?

• A)W* = $10.50; Q* = 590,000
• B)W* = $11.50; Q* = 570,000
• C)W* = $9.50; Q* = 570,000
• D)W* = $10.50; Q* = 1,180,000

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Definitions:

Offeree's Silence

Generally not considered an acceptance of an offer in contract law, unless certain conditions or previous dealings imply agreement.

Acceptance

In contract law, the unconditional agreement to the terms of an offer, which once given, creates a binding contract.

Mirror Image Rule

A principle in contract law stating that an offer must be accepted exactly without modifications; any changes to the terms effectively make the acceptance a counteroffer.

Rejection

The act of refusing or dismissing a proposal, idea, or application.