The figure given below shows the demand curves (D₁ and D₂) and supply curves (S₁ and S₂) of labor in the labor market. Figure: 15.2
- Refer to Figure 15.2.At the initial equilibrium (when demand is D₁and supply is S₁) ,the wage rate and labor employment are:

Question

The figure given below shows the demand curves (D₁ and D₂) and supply curves (S₁ and S₂) of labor in the labor market. Figure: 15.2

The figure given below shows the demand curves (D<sub>1</sub> and D<sub>2</sub>) and supply curves (S<sub>1</sub> and S<sub>2</sub>) of labor in the labor market. Figure: 15.2 - Refer to Figure 15.2.At the initial equilibrium (when demand is D<sub>1 </sub>and supply is S<sub>1</sub>) ,the wage rate and labor employment are: A) $7 and 20 laborers. B) $8 and 30 laborers. C) $6 and 50 laborers. D) $5 and 20 laborers. E) $5 and 10 laborers.

- Refer to Figure 15.2.At the initial equilibrium (when demand is D₁and supply is S₁) ,the wage rate and labor employment are:

Quizplus · Accepted Answer

The initial equilibrium is determined by the intersection of demand curve D1 and supply curve S1, which corresponds to a wage rate of $7 and employment of 20 laborers.

The Figure Given Below Shows the Demand Curves (D1 and D2)

The Figure Given Below Shows the Demand Curves (D₁ and D₂)