Consider the accompanying figure representing the labor market below. In the absence of any government intervention, the equilibrium wage is ________ per hour, and the equilibrium employment level is ________ workers per hour.

Question

Consider the accompanying figure representing the labor market below.  In the absence of any government intervention, the equilibrium wage is ________ per hour, and the equilibrium employment level is ________ workers per hour.

Quizplus · Accepted Answer

The labor demand curve and labor supply curve intersect at a wage of $8 per hour and an employment level of 400 workers per hour.

Consider the Accompanying Figure Representing the Labor Market Below