Figure 14.3.1 -Refer to Figure 14.3.1 above. The quantity traded in this market equals: A) L₁. B) L₂. C) the same as the competitive quantity. D) Depends on the wage rate.

Question

Quizplus · Accepted Answer

The quantity traded in this market can be found by looking at the point where the supply curve () intersects with the demand curve (L_{1). At this point, the quantity traded is equal to the x-coordinate, which is approximately 12. Therefore, the quantity traded in this market equals L₁, or choice (A). This is not affected by the wage rate or any other external factors, so choice (D) is not correct. The competitive quantity is not mentioned or relevant to this question, so choice (C) is also not correct.}

Figure 14.3.1 -Refer to Figure 14.3.1 Above. the Quantity Traded in This