Consider the Labor Market Below

question 48

Multiple Choice

Consider the labor market below. In the absence of any government intervention, the equilibrium wage is______ per hour, and the equilibrium employment level is______ workers per hour.

• A)$12; 600
• B)$12; 200
• C)$8; 400
• D)$4; 200

---

Definitions:

Dieckman Cyclization

A chemical reaction used to form a ring by connecting the ends of a dicarbonyl compound using a base.

Acetoacetic Ester Synthesis

Acetoacetic ester synthesis is a method for creating carbon-carbon bonds, enabling the synthesis of ketones from acetoacetic ester through alkylation followed by decarboxylation.

Malonic Ester Synthesis

A carbon-carbon bond-forming reaction that uses malonic esters to synthesize carboxylic acids with various substituents.

Dieckmann Cyclization

A chemical reaction where a diester reacts with itself in the presence of a strong base to form a β-keto ester, effectively forming a ring structure as part of the process.