Competitive Market Equilibrium. Assume demand and supply conditions in the competitive market for unskilled labor are as follows:
where Q is millions of hours of unskilled labor and P is the wage rate per hour.

Question

Competitive Market Equilibrium. Assume demand and supply conditions in the competitive market for unskilled labor are as follows:
  where Q is millions of hours of unskilled labor and P is the wage rate per hour.

Quizplus · Accepted Answer

The Answer of Competitive Market Equilibrium. Assume demand and supply conditions in the competitive market for unskilled labor are as follows:
  where Q is millions of hours of unskilled labor and P is the wage rate per hour.