Refer to Table 4-7. Suppose that the quantity of labor supplied 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 = $12.50; Q = 630,000 B) W = $8.50; Q = 550,000
C) W = $11.50; Q = 610,000 D) W = $9.50; Q = 610,000
D
Economics
You might also like to view...
You are just about to finish college and are about to start a high paying job. Because of this new job, what is the most likely outcome in the market for cars?
A) Your demand for cars will increase. B) The market supply of cars will decrease. C) The demand and the supply for cars will decrease. D) Your demand for cars will decrease. E) The market supply of cars will increase.
Economics
Explain why the socially optimal output is not always the same as the market output.
What will be an ideal response?
Economics