Refer to the information provided in Figure 13.1 below to answer the questions that follow. Figure 13.1
-Refer to Figure 13.1. At wage rate $15, there is a ________ of labor equal to ________ 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. At wage rate $15, there is a ________ of labor equal to ________ million people.

Quizplus · Accepted Answer

At wage rate $15, the quantity of labor supplied is 180 million people, while the quantity of labor demanded is 300 million people. This creates a surplus of labor equal to 120 million people. Therefore, choice D is correct.

Refer to the Information Provided in Figure 13