Table 3.2 describes the market for day-care workers in the city of Vishna (quantity of workers in hundreds).

-Refer to Table 3.2 to answer this question.What is the result if this market is in equilibrium?

Question

Table 3.2 describes the market for day-care workers in the city of Vishna (quantity of workers in hundreds).
 
-Refer to Table 3.2 to answer this question.What is the result if this market is in equilibrium?

Quizplus · Accepted Answer

In equilibrium, the quantity of day-care workers supplied (700) is equal to the quantity of day-care workers demanded (700). At this equilibrium, there will be no surplus or shortage of workers, meaning that there will be no unemployed workers left in the market. The wage rate that corresponds to this equilibrium is $6 an hour, as indicated in Table 3.2. Therefore, choice C is the correct answer.

Table 32 Describes the Market for Day-Care Workers in the City