Figure: The Demand for Bricklayers (Figure: The Demand for Bricklayers) Look at the figure The Demand for Bricklayers.The equilibrium market wage for bricklayers was determined by:
A)the firm hiring the bricklayers.
B)demand and supply in the market for bricklayers.
C)the government.
D)where VMPLbricklayers = MPbricklayers × P of output.

Question

Figure: The Demand for Bricklayers   (Figure: The Demand for Bricklayers) Look at the figure The Demand for Bricklayers.The equilibrium market wage for bricklayers was determined by:
A)the firm hiring the bricklayers. 
B)demand and supply in the market for bricklayers. 
C)the government. 
D)where VMPLbricklayers = MPbricklayers × P of output.

Quizplus · Accepted Answer

The equilibrium market wage for bricklayers is determined by the intersection of the demand and supply curves in the market for bricklayers. This is where the quantity of bricklayers that firms are willing to hire equals the quantity of bricklayers that workers are willing to supply, setting the wage at the market-clearing level. The government and VMPLbricklayers (the value of the marginal product of labor for bricklayers) may have an impact on the wage, but they do not directly determine the equilibrium market wage in this scenario.

Figure: the Demand for Bricklayers (Figure: the Demand