Table 4-7 Table 4-7 Shows the Demand and Supply Schedules

question 175

Multiple Choice

Table 4-7
Table 4-7 shows the demand and supply schedules for the labor market in the city of Pixley.
-Refer to Table 4-7. Suppose that the quantity of labor demanded increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

• A) W = $8.50; Q = 550,000
• B) W = $12.50; Q = 630,000
• C) W = $9.50; Q = 570,000
• D) W = $11.50; Q = 610,000

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Definitions:

Ju/'hoansi

A group of indigenous people living in the Kalahari Desert of southern Africa, known for their hunter-gatherer lifestyle.

Average Weight

The mean weight of a collection of items or individuals calculated by dividing the total weight by the number of items or individuals.

Mixed Subsistence Strategy

A way of living that involves combining different methods of obtaining food, such as hunting, gathering, farming, and trading.

Geographical Region

A specific area or section of the world identified by physical, political, or cultural traits.