Figure 18-5 -Refer to Figure 18-5. When the relevant labor supply curve is S 1 , and the labor market is in equilibrium, the

The Answer of Figure 18-5 -Refer to Figure 18-5. When the relevant labor supply curve is S 1 , and the labor market is in equilibrium, the

Figure 18-5 -Refer to Figure 18-5. When the relevant labor supply curve is S 1 , and the labor market is in equilibrium, the

The Answer of Figure 18-5 -Refer to Figure 18-5. When the relevant labor supply curve is S 1 , and the labor market is in equilibrium, the

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Figure 18-5 -Refer to Figure 18-5. When the Relevant Labor Supply Curve

Question 182

Multiple Choice

Figure 18-5 Figure 18-5 -Refer to Figure 18-5. When the relevant labor supply curve is S<sub>1</sub>, and the labor market is in equilibrium, the A) wage is W<sub>2</sub>. B) opportunity cost of leisure to workers is W<sub>2</sub>. C) marginal product of labor to firms is W<sub>1</sub>. D) value of the marginal product of labor to firms is W<sub>1</sub>.
-Refer to Figure 18-5. When the relevant labor supply curve is S₁, and the labor market is in equilibrium, the

A) wage is W₂.
B) opportunity cost of leisure to workers is W₂.
C) marginal product of labor to firms is W₁.
D) value of the marginal product of labor to firms is W₁.

Correct Answer: