Assume that this graph illustrates a perfectly competitive labor market. Equilibrium in this labor market is at a wage of ________ per hour and an employment level of ________ person-hours per day.

Question

Assume that this graph illustrates a perfectly competitive labor market.  Equilibrium in this labor market is at a wage of ________ per hour and an employment level of ________ person-hours per day.

Quizplus · Accepted Answer

The labor demand and labor supply curves intersect at a wage of $30 and an employment level of 150 person-hours per day.

Assume That This Graph Illustrates a Perfectly Competitive Labor Market