Use the following to answer questions:
Figure: The Labor Market
-(Figure: The Labor Market) Look at the figure The Labor Market. The equilibrium wage rate is:
A)$16.
B)$15.
C)$14.
D)$17.

Question

Use the following to answer questions:
Figure: The Labor Market 
-(Figure: The Labor Market) Look at the figure The Labor Market. The equilibrium wage rate is:
A)$16. 
B)$15. 
C)$14. 
D)$17.

Quizplus · Accepted Answer

The equilibrium wage rate is where the supply of labor (represented by the upward sloping curve) intersects with the demand for labor (represented by the downward sloping curve). This occurs at a wage rate of $15, indicated by the point where the two curves intersect. Therefore, B is the correct choice.

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