Figure 20-1
-Refer to Figure 20-1.At the equilibrium wage,how many workers are employed?

Question

Figure 20-1 
-Refer to Figure 20-1.At the equilibrium wage,how many workers are employed?

Quizplus · Accepted Answer

At the equilibrium wage of $10 per hour, there are 5000 workers employed, which is the point where the supply and demand curves intersect. At any wage rate below $10, there would be excess demand for labor (more employers looking for workers than there are workers available), and at any wage rate above $10, there would be excess supply of labor (more workers available than there are employers looking to hire).

Figure 20-1 -Refer to Figure 20-1.At the Equilibrium Wage,how Many Workers Are