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:

Object Oriented Programming

A programming paradigm based on the concept of "objects", which can contain data, in the form of fields, and code, in the form of procedures.

Encapsulation

A fundamental principle of object-oriented programming that restricts direct access to an object's components and can prevent the accidental modification of data.

Inheritance

A mechanism in object-oriented programming where a new class is derived from an existing class, inheriting its attributes and behaviors.

Polymorphism

Polymorphism is a concept in object-oriented programming that allows objects of different classes to be treated as objects of a common superclass, enabling a single interface to control the access to the specific method implementations.