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

question 182

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.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

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Definitions:

Income Statement

An income statement is a financial statement that shows a company's financial performance over a specific accounting period, highlighting revenue, expenses, and profit or loss.

Revenues

The total amount of money received by the company for goods sold or services provided during a specific time period.

Net Income

The total profit of a business after deducting all expenses, taxes, and losses, indicating its financial performance over a reporting period.

Liabilities

Financial obligations or debts that an entity owes to external parties.