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The Following Figure Represents the Equilibrium in the Labor Markets

question 65

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The following figure represents the equilibrium in the labor markets. Figure 28.4 The following figure represents the equilibrium in the labor markets. Figure 28.4   In the figure, MFC: Marginal Factor Cost curve D: Demand or the Marginal Revenue Product curve S: Supply curve According to Figure 28.4, if the government imposes a minimum wage of W<sub>1</sub>, what quantity of labor will a competitive labor market hire? A) Q<sub>1</sub> B) Q<sub>2</sub> C) Q<sub>3</sub> D) Less than Q<sub>2</sub> E) Greater than Q<sub>3</sub> In the figure,
MFC: Marginal Factor Cost curve
D: Demand or the Marginal Revenue Product curve
S: Supply curve
According to Figure 28.4, if the government imposes a minimum wage of W1, what quantity of labor will a competitive labor market hire?


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