Exhibit
Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace. They are contemplating enacting a law that would fix the wage rate at W A . Their aides, who were all excellent economics students, have returned with the results of an investigation into the matter, as portrayed below.

-Refer to Exhibit. If the wage law was not enacted, the prevailing wage rate and quantity of labor in the marketplace for K-12 teachers at equilibrium would be:

Question

​Exhibit
Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace. They are contemplating enacting a law that would fix the wage rate at W A . Their aides, who were all excellent economics students, have returned with the results of an investigation into the matter, as portrayed below.
 
-Refer to Exhibit. If the wage law was not enacted, the prevailing wage rate and quantity of labor in the marketplace for K-12 teachers at equilibrium would be:

Quizplus · Accepted Answer

If the wage law was not enacted, the prevailing wage rate and quantity of labor in the marketplace for K-12 teachers at equilibrium would be W_B and Q₂, respectively. This is because the equilibrium wage rate is the point where the supply and demand curves intersect, and the equilibrium quantity is the quantity of labor that is demanded and supplied at that wage rate.

​Exhibit Several Congressmen and Senators Have Been Greatly Concerned About the the Fairness

Exhibit Several Congressmen and Senators Have Been Greatly Concerned About the the Fairness