Question
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
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 supplied decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
Question 2 options:
| W= $11.50;Q= 610,000 | |
| W= $8.50;Q= 630,000 | |
| W= $12.50;Q= 550,000 | |
| W= $8.50;Q= 550,000 |
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Microeconomics
Authors: Paul Krugman, Robin Wells
4th Edition
1464143870, 9781464143878
