Use the following to answer questions:
Figure: The Labor Market 
-(Figure: The Labor Market) Look at the figure The Labor Market. What is the unemployment rate at an efficiency wage of $16?
Definitions:
Opportunity Cost
represents the value of the next best alternative that is forfeited when a decision is made to pursue a particular course of action.
Portugal
Portugal is a southern European country on the Iberian Peninsula, known for its long history, cultural heritage, and significant contributions to world exploration.
Wine
An alcoholic beverage made by fermenting grapes or other fruits, with a rich history and variety across cultures.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing between multiple options.
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