Figure 9.2 represents the U.S.labor market.Assume that labor and capital are the only factors of production.Also assume the initial supply schedule of labor is denoted by S0 and consists entirely of native U.S.workers.The demand schedule of labor is denoted by D0.
Figure 9.2.U.S.Labor Market

-Consider Figure 9.2,at labor market equilibrium,_____ workers are hired at a wage rate of $____ per hour,while total wages equal ____.

Question

Figure 9.2 represents the U.S.labor market.Assume that labor and capital are the only factors of production.Also assume the initial supply schedule of labor is denoted by S0 and consists entirely of native U.S.workers.The demand schedule of labor is denoted by D0.
Figure 9.2.U.S.Labor Market
 
-Consider Figure 9.2,at labor market equilibrium,_____ workers are hired at a wage rate of $____ per hour,while total wages equal ____.

Quizplus · Accepted Answer

At labor market equilibrium, 2 workers are hired at a wage rate of $12 per hour, while total wages equal $24.

Figure 92 Represents the U