Figure 7.2
-Refer to Figure 7.2. At wage rate $12, there is a _______ of labor equal to _______ million people.

Name: Figure 7.2 -Refer to Figure 7.2. At wage rate $12, there is a _______ of labor equal to _______ million people.
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Question

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At wage rate $12, the quantity of labor supplied is 90 million people, while the quantity of labor demanded is 40 million people. This means there is a surplus of labor equal to 90 - 40 = 50 million people.

Figure 7.2 -Refer to Figure 7.2. at Wage Rate $12, There Is