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Assume that the equilibrium quantity of labor in the labor market is 45,000 people, and the equilibrium wage is $10 per hour. The current wage
Assume that the equilibrium quantity of labor in the labor market is 45,000 people, and the equilibrium wage is $10 per hour. The current wage rate, which equals $15 per hour, is inflexible and unlikely to fall (sticky downward). At this wage, 55,000 people want jobs, but there are only 31,000 job openings. Determine the number of people who are unemployed at the current wage rate. Enter your answer in the box below
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