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

Question

Quizplus · Accepted Answer

In a perfectly competitive labor market, the equilibrium wage rate and quantity of labor are determined where the supply and demand for labor intersect. The table indicates that at a wage rate of $15, the quantity of labor supplied and demanded is 400 hours, establishing the equilibrium.

-The Table Above Gives Information About the Labor Market in Lantis