Table 4-3 Table 4-3 Shows the Demand and Supply Schedules for Labor

question 31

Multiple Choice

Table 4-3

Table 4-3 shows the demand and supply schedules for labor market in the city of Pixley.
-Refer to Table 4-3.Suppose that the quantity of labor demanded decreases by 80,000 at each wage level.What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

• 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

Analyze the role of equity in resolving contract disputes involving mistake or misrepresentation.

Identify different types of misrepresentation and their impact on contract validity.

Examine the legal and ethical considerations in scenarios involving undue influence, duress, and economic pressures.

Understand the conditions under which contracts can be rescinded due to mistakes, fraud, or duress.

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