Exhibit 11-8 A labor market

If the labor market shown in Exhibit 11-8 is competitive, the wage rate and number of workers employed will be determined at point:

Question

Exhibit 11-8 A labor market

If the labor market shown in Exhibit 11-8 is competitive, the wage rate and number of workers employed will be determined at point:
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Quizplus · Accepted Answer

Point F is the intersection of the supply and demand curves where they cross at equilibrium. At this point, the wage rate and number of workers employed are both at their market-clearing levels, ensuring that there is no excess supply or demand in the labor market. Therefore, point F represents the equilibrium in the competitive labor market.

Exhibit 11-8 a Labor Market