Refer to Table 4-7. Suppose that the quantity of labor demanded decreases by 80,000 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 = $9.50; Q = 590,000
C) W = $12.50; Q = 630,000 D) W = $9.50; Q = 570,000
A
You might also like to view...
The example of segregated streetcars in the southern United States in the early twentieth century is one example of
a. racial discrimination by firms, despite government efforts to halt it. b. racial discrimination by firms with no government action either to halt it or to support it. c. government-mandated racial discrimination. d. a failure to find any discrimination where most would expect to find it.
Refer to the following graph.
This set of cost curves is:
A. wrong because the average total cost and marginal cost curves are switched. B. correct. C. wrong because the average total cost and average variable cost curves are reversed. D. wrong because the AFC should always be downward-sloping.