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

question 113

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 supplied decreases 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 = $9.00; Q = 330,000
• B) W = $9.50; Q = 370,000
• C) W = $10.00; Q = 350,000
• D) W = $8.00; Q = 390,000

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Definitions:

Thyroid Hormones

Chemical substances produced by the thyroid gland, important for regulating metabolism, energy generation, and growth.

Thyroid Gland

An endocrine gland located in the neck that produces hormones regulating metabolism and energy level.

Poisonous Condition

A state of health impairment caused by the ingestion, inhalation, or absorption of toxic substances.

Potassium

An essential mineral and electrolyte necessary for the proper functioning of cells, nerves, and muscles in the body.