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

question 9

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 increases by 40 000 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 = 630 000
• C)W = $9.50; Q = 610 000
• D)W = $11.50; Q = 610 000

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Definitions:

Shale

A fine-grained sedimentary rock that can contain significant amounts of oil and natural gas.

Magnitude 9.0

A measure on the Richter scale indicating an extremely powerful earthquake, capable of causing widespread destruction and significant alteration of the Earth's surface.

Lava Rock

A volcanic rock formed from the cooling and solidification of molten lava.

Igneous

Pertaining to rock formed from the cooling and solidification of magma or lava, distinguished by minerals crystallized from molten material.