Refer to the information provided in Figure 13.1 below to answer the questions that follow. Figure 13.1
-Refer to Figure 13.1. The equilibrium wage rate is $________ and the equilibrium number of people employed is ________ million people.

Question

Refer to the information provided in Figure 13.1 below to answer the questions that follow.  Figure 13.1
-Refer to Figure 13.1. The equilibrium wage rate is $________ and the equilibrium number of people employed is ________ million people.

Quizplus · Accepted Answer

The equilibrium wage rate and number of people employed are determined at the point where the supply and demand curves intersect. Choice B correctly identifies this intersection point with a wage rate of $9 and 210 million people employed.

Refer to the Information Provided in Figure 13