Economic rent

The following graph shows a competitive labor market.

50 O Labor Demand 40 Labor Supply 30 Labor Supply WAGE RATE (Dollars per hour) 20 Economic Rent Labor Demand 10 Opportunity Cost 0 0 4 8 12 16 20 QUANTITY OF LABOR (Billions of hours)Based on the graph, the total amount paid to workers in this market (that is, total labor earnings) is $10 billion $250 billion $30 billion $200 billion Based on the graph, the total amount paid to workers in this market (that is, total labor earnings) is $250 billion v