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Table 54 Table 5-4 Shows the Demand and Supply Schedules

question 182

Multiple Choice

Table 5.4 Table 5.4   Table 5-4 shows the demand and supply schedules for labour market in the city of Pixley. -Refer to Table 5.4.Suppose that the quantity of labour supplied 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 = 550 000 C) W = $8.50; Q = 630 000 D) W = $11.50; Q = 610 000 Table 5-4 shows the demand and supply schedules for labour market in the city of Pixley.
-Refer to Table 5.4.Suppose that the quantity of labour supplied decreases by 80 000 at each wage level.What are the new free market equilibrium hourly wage and the new equilibrium quantity of labour?


Definitions:

Chinese Exclusion Act

A U.S. federal law signed in 1882 that prohibited the immigration of Chinese laborers for ten years, the first law implementing immigration controls based on ethnicity.

Nations

Large groups of people united by common descent, history, culture, or language inhabiting a particular country or territory.

Chinese Immigrants

Individuals from China who have migrated to various parts of the world, often facing significant challenges and discrimination, especially noted in the 19th and early 20th centuries in the United States.

Persecutions

Systematic mistreatment of an individual or group by another group, often due to political, religious, or ethnic differences.

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