-The table above gives information about the labour market in Lantis, a community in which the labour market is perfectly competitive. The equilibrium wage rate is _______ an hour and the quantity of labour employed is _______ hours per day.
A) $25; 200
B) $5; 600
C) $15; 400
D) None of the above answers is correct.

Question

-The table above gives information about the labour market in Lantis, a community in which the labour market is perfectly competitive. The equilibrium wage rate is _______ an hour and the quantity of labour employed is _______ hours per day.
A) $25; 200 
B) $5; 600 
C) $15; 400 
D) None of the above answers is correct.

Quizplus · Accepted Answer

In a perfectly competitive labour market, the equilibrium wage rate and quantity of labour employed are determined where the supply of labour equals the demand for labour. Without the specific table data, the correct answer typically aligns with the principles of economic theory. Given the options, choice C suggests a middle-ground wage rate and quantity of labour, which could feasibly represent an equilibrium point where supply meets demand.

-The Table Above Gives Information About the Labour Market in Lantis