Figure 7.2
-Refer to Figure 7.2. At wage rate $7, there is a _______ of labor equal to _______ million people.

Name: Figure 7.2 -Refer to Figure 7.2. At wage rate $7, there is a _______ of labor equal to _______ million people.
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At wage rate $7, there is a surplus of labor equal to 40 million people. This is because the quantity of labor supplied (40 million people) is greater than the quantity of labor demanded (0 million people) at that wage rate.

Figure 7.2 -Refer to Figure 7.2. at Wage Rate $7, There Is