The figure given below shows the demand curves (D₁ and D₂) and supply curves (S₁ and S₂) of labor in the labor market.Figure: 16.2

-Refer to Figure 16.2. At the initial equilibrium (when demand is D₁ and supply is S₁) , the firm employs _____ laborers at a wage of _____.

Question

The figure given below shows the demand curves (D₁ and D₂) and supply curves (S₁ and S₂) of labor in the labor market.Figure: 16.2

The figure given below shows the demand curves (D<sub>1</sub> and D<sub>2</sub>) and supply curves (S<sub>1</sub> and S<sub>2</sub>) of labor in the labor market.Figure: 16.2 -Refer to Figure 16.2. At the initial equilibrium (when demand is D<sub>1</sub> and supply is S<sub>1</sub>) , the firm employs _____ laborers at a wage of _____. A) 20; $7 B) 30; $8 C) 50; $6 D) 20; $5 E) 10; $5

-Refer to Figure 16.2. At the initial equilibrium (when demand is D₁ and supply is S₁) , the firm employs _____ laborers at a wage of _____.

Quizplus · Accepted Answer

Without access to Figure 16.2, the correct answer cannot be determined directly. However, the choice is based on common economic principles where equilibrium is reached at the intersection of demand and supply curves, determining the quantity of labor employed and the wage rate.

The Figure Given Below Shows the Demand Curves (D1 and D2)

The Figure Given Below Shows the Demand Curves (D₁ and D₂)