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The table gives the demand and supply schedules of teenage labor. Wage rate Quantity Quantity (dollars demanded supplied per hour) (hours per month) 3,000 1,000

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The table gives the demand and supply schedules of teenage labor. Wage rate Quantity Quantity (dollars demanded supplied per hour) (hours per month) 3,000 1,000 2,500 1,500 2,000 2,000 1,500 2,500 1,000 3,000 7. Calculate the equilibrium wage rate, the number of hours worked, and the quantity of unemployment

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