Refer to the Following Information Given in the Table Below $$950; $11

question 40

Multiple Choice

refer to the following information given in the table below. There are initially 28 workers in market A and 63 workers in market B as indicated by the shaded cells. All markets are assumed competitive and there is perfect information and costless migration; jobs in markets A and B are identical in all nonwage aspects.




-After all adjustments to equilibrium take place in this market,the equilibrium wage rate in markets A and B,respectively,are:

• A)$8.50; $10.50
• B)$9.50; $9.50
• C)$10.00; $10.00
• D)$$9.50; $11.50

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Definitions:

Skilled Craftsmen

Workers who have specialized in a particular trade or craft through extensive training and experience.

Industrial Workers

Individuals who are employed in sectors related to manufacturing, construction, and production, often involving manual labor.

American Federation of Labor

A prominent federation of labor unions in the United States, founded in 1886, which aimed to organize workers in skilled trades.

Welfare Capitalism

An approach where private companies provide social welfare services to their employees, including health care and pensions, to improve working conditions and loyalty.