Table 4-3 Table 4-3 Shows the Demand and Supply Schedules for Labor

question 133

Multiple Choice

Table 4-3

Table 4-3 shows the demand and supply schedules for labor market in the city of Pixley.
-Refer to Table 4-3.What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*) ?

• A) W* = $10.50; Q* = 590,000
• B) W* = $11.50; Q* = 570,000
• C) W* = $9.50; Q* = 570,000
• D) W* = $10.50; Q* = 1,200,000

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Definitions:

Agricultural Use

The application or practice of cultivating land and breeding animals and plants to provide food, fiber, medicinal plants, and other products to sustain and enhance human life.

Standing-Water Ecosystem

A lake or pond ecosystem.

Lake

A large body of water surrounded by land, not directly connected to the sea, which can be freshwater or saltwater.

Pond

A small body of still water, typically smaller than a lake, formed naturally or by artificial means.