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

question 125

Multiple Choice

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.What is the equilibrium hourly wage (W*) and the equilibrium quantity of labour (Q*) ?

• A)W* = $10.50; Q* = 590 000
• B)W* = $11.50; Q* = 570 000
• C)W* = $9.50; Q* = 570 000
• D)W* = $10.50; Q* = 1 200 000

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Definitions:

Argumentum ad Baculum

An appeal to force, where an argument is made legitimate or convincing through the use of threat or coercion.

Appeal to Force

A logical fallacy where someone tries to convince others of a point by threatening them either directly or indirectly, rather than by argument.

Fallacy

An error in reasoning or argumentation that leads to a misleading or false conclusion.

Argumentum ad Populum

Argumentum ad Populum is a fallacy in which something is considered true or better simply because it is popular with the majority.