Exhibit 16-1 Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace.They are contemplating enacting a law that would fix the wage rate at W_A.Their aides,who were all excellent economics students,have returned with the results of an investigation into the matter,as portrayed below. Refer to Exhibit 16-1.If the wage law was not enacted,the prevailing wage rate and quantity of labor in the marketplace for K-12 teachers at equilibrium would be:

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The Answer of Exhibit 16-1 Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace.They are contemplating enacting a law that would fix the wage rate at W_A.Their aides,who were all excellent economics students,have returned with the results of an investigation into the matter,as portrayed below. Refer to Exhibit 16-1.If the wage law was not enacted,the prevailing wage rate and quantity of labor in the marketplace for K-12 teachers at equilibrium would be:

Exhibit 16-1 Several Congressmen and Senators Have Been Greatly Concerned