Use the following to answer question(s): The Minimum Wage

-(Exhibit: The Minimum Wage) In equilibrium, the wage will be _______ and the quantity of labor hired will be _______ .
A) W₀; L₂
B) W₁; L₁
C) Wm; L₃
D) Wm; L₂

Question

Use the following to answer question(s): The Minimum Wage
 
-(Exhibit: The Minimum Wage) In equilibrium, the wage will be _______ and the quantity of labor hired will be _______ .
A) W₀; L₂ 
B) W₁; L₁ 
C) Wm; L₃ 
D) Wm; L₂

Quizplus · Accepted Answer

In equilibrium, the wage and quantity of labor hired correspond to the point where the supply and demand for labor intersect, which is represented by W₁ and L₁, respectively.

Use the Following to Answer Question(s): the Minimum Wage