Use the Table Below to Answer the Following Questions

question 69

Multiple Choice

Use the table below to answer the following questions.
Table 6.2.1

-Table 6.2.1 gives the supply and demand schedules for teenage labour in Genoa City. Suppose a new fast food restaurant opens and increases the quantity demanded of teenage labour by 400 hours per week at each wage rate. If the teenage labour market is unregulated, there is an increase in teenage employment to

• A)1,000 hours per week and a wage of $5 per hour.
• B)1,000 hours per week and a wage of $7 per hour.
• C)800 hours per week and a wage of $6 per hour.
• D)600 hours per week and a wage of $7 per hour.
• E)400 hours per week and a wage of $7 per hour.

---

Definitions:

Revised Probability

An updated chance or likelihood of an event occurring after taking into consideration new evidence or information.

Prior Probability

The probability of an event or hypothesis before new evidence or data is taken into account.

Joint Probability

The probability that two or more events happen at the same time. It's calculated by the intersection of the events' probabilities.

Marginal Probability

The probability of an event occurring, regardless of the possible outcomes of other related events.