The figure below shows labor supply and labor demand curves.
-Refer to the figure above.If the wage rate is set at $5,how does the quantity of labor demanded relate to the quantity of labor supplied?
A) The quantity of labor demanded is greater than the quantity of labor supplied.
B) The quantity of labor demanded is less than the quantity of labor supplied.
C) The quantity of labor demanded is the same as the quantity of labor supplied.
D) None of the above are true.
Correct Answer:
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