Table 4-3 Table 4-3 Shows the Demand and Supply Schedules for Labor

question 133

Multiple Choice

Table 4-3

Table 4-3 shows the demand and supply schedules for labor market in the city of Pixley.
-Refer to Table 4-3.What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (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

---

Definitions:

Percent Decrease

A measure of the reduction in amount or size of something expressed as a percentage.

Base Value

A reference point or initial value used in financial calculations, indexes, or for measuring changes in economic indicators.

Missing Value

In data analysis, a data point that is absent or not recorded, which can affect the outcome of statistical models.

Decimal Places

The quantity of numerals located to the right side of the decimal point in a numeric value.