Use the figure below to answer the following questions.

Figure 6.2.1
-Refer to Figure 6.2.1. What is the equilibrium wage rate per hour in an unregulated market?
A)$2
B)$3
C)$4
D)$5
E)$30

Question

Use the figure below to answer the following questions.
  
Figure 6.2.1
-Refer to Figure 6.2.1. What is the equilibrium wage rate per hour in an unregulated market?
A)$2 
B)$3 
C)$4 
D)$5 
E)$30

Quizplus · Accepted Answer

The equilibrium wage rate in an unregulated market is where the supply and demand curves intersect. In this case, that is at $4 per hour. At this wage rate, the quantity of labor supplied equals the quantity of labor demanded, so there is no excess supply or excess demand of labor.

Use the Figure Below to Answer the Following Questions