Table 4-8 Table 4-8 Shows the Demand and Supply Schedules

question 213

Multiple Choice

Table 4-8
Table 4-8 shows the demand and supply schedules for the low-skilled labor market in the city of Westover.
-Refer to Table 4-8. 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 = $10.00; Q = 390,000
• B) W = $9.50; Q = 380,000
• C) W = $8.50; Q = 380,000
• D) W = $8.00; Q = 390,000

Comprehend the income elasticity of demand and its impact on quantity demanded following an income change.

Recognize the difference between normal and inferior goods based on income elasticity values.

Understand elasticity of supply and its relevance in market dynamics.

Identify factors influencing elasticity of demand, including time and necessity of goods.

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