Use the figure below to answer the following questions. Figure 18.3.5
-Refer to Figure 18.3.5.This figure shows the labour supply curves and the value of marginal product curves for high-skilled and low-skilled workers.The equilibrium wage rate for low-skilled workers is

Question

Use the figure below to answer the following questions.  Figure 18.3.5
-Refer to Figure 18.3.5.This figure shows the labour supply curves and the value of marginal product curves for high-skilled and low-skilled workers.The equilibrium wage rate for low-skilled workers is

Quizplus · Accepted Answer

The equilibrium wage rate is determined where the labor supply curve intersects the value of the marginal product curve for low-skilled workers, which is shown as $12 an hour in the figure.

Use the Figure Below to Answer the Following Questions