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. At wage rate $15, there is a ________ of labor equal to ________ 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. At wage rate $15, there is a ________ of labor equal to ________ million people.

Quizplus · Accepted Answer

At wage rate $15, the quantity of labor supplied is 170 million and the quantity demanded is 50 million, resulting in a surplus of 120 million people. Therefore, the correct choice is D, surplus.

Refer to the Information Provided in Figure 28