-Refer to the diagram above.Assume that D is the initial labour demand curve.The labour market equilibrium outcome is at wage rate ________ and number of workers _________.

Question

Quizplus · Accepted Answer

The equilibrium in a labor market is determined where the demand and supply curves intersect. Since D is the initial labor demand curve, the equilibrium occurs at the intersection of D and the supply curve, which is at wage rate W1 and number of workers L1.

-Refer to the Diagram Above