​The Following Graph Shows the Labor Market

question 74

Multiple Choice

​The following graph shows the labor market. The vertical axis measures wage in dollars, and the horizontal axis measures labor in hours. The opportunity cost of labor in equilibrium equals _____. ​
Figure 11.1

• A)$40
• B)$80
• C)$160
• D)$16
• E)$8

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Definitions:

Work-Family

Relates to the balance and interaction between one's professional work life and personal family life.

Supportive Community

A group of individuals who provide encouragement, help, and a sense of belonging to each other, often sharing similar interests or facing common challenges.

Businesses

Businesses are organizational entities involved in the provision of goods and services to consumers in exchange for payment.

Print Ads

Advertising that appears in printed media, such as newspapers and magazines, aiming to inform, persuade, or remind consumers about products or services.