Table 4-4

Hourly Wage (dollars)	Quantity of Labor Supplied	Quantity of Labor Demanded
$7.50	530,000	650,000
8.50	550,000	630,000
9.50	570,000	610,000
10.50	590,000	590,000
11.50	610,000	570,000
12.50	630,000	550,000

Table 4-4 shows the demand and supply schedules for the labor market in the city of Pixley. Refer to Table 4-4.Suppose that the quantity of labor demanded increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

Question 17 options:

	W= $11.50;Q= 610,000
	W= $9.50;Q= 570,000
	W= $12.50;Q= 630,000
	W= $8.50;Q= 550,000