The figure given below shows the demand curves (D1 and D2) and supply curves (S1 and S2) of labor in the labor market. Figure: 15.2
Refer to Figure 15.2.At the initial equilibrium (when demand is D1 and supply is S1) , the wage rate and labor employment are:
A) $7 and 20 laborers.
B) $8 and 30 laborers.
C) $6 and 50 laborers.
D) $5 and 20 laborers.
E) $5 and 10 laborers.
Correct Answer:
Verified
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