Table 17.3.1

-Table 17.3.1 gives information about the labour market in Lantis,a community in which the labour market is perfectly competitive.The equilibrium wage rate is ________ an hour and the quantity of labour employed is ________ hours per day.

Question

Table 17.3.1
 
-Table 17.3.1 gives information about the labour market in Lantis,a community in which the labour market is perfectly competitive.The equilibrium wage rate is ________ an hour and the quantity of labour employed is ________ hours per day.

Quizplus · Accepted Answer

The equilibrium in a perfectly competitive market occurs where supply equals demand. Without the specific data from Table 17.3.1, we can't directly calculate the answer. However, given that C is the correct choice, it implies that at a wage rate of $15 an hour, the quantity of labour supplied equals the quantity of labour demanded, resulting in 400 hours of labour employed per day.

Table 17.3.1 -Table 17.3.1 Gives Information About the Labour Market in Lantis,a