Refer to the information provided in Figure 28.1 below to answer the question(s) that follow. Figure 28.1
-Refer to Figure 28.1. The equilibrium wage rate is $________ and the equilibrium number of people employed is ________ million people.

Question

Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.  Figure 28.1
-Refer to Figure 28.1. The equilibrium wage rate is $________ and the equilibrium number of people employed is ________ million people.

Quizplus · Accepted Answer

The equilibrium wage rate and number of people employed are determined where the supply and demand for labor intersect. Based on the given options, $9 and 210 million people match this intersection point.

Refer to the Information Provided in Figure 28