Refer to Table 4-7. Suppose that the quantity of labor supplied ...

[anjilletteb]

Refer to Table 4-7. Suppose that the quantity of labor supplied decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
 
  A) W = 8.50; Q = 550,000 B) W = 11.50; Q = 610,000
  C) W = 12.50; Q = 550,000 D) W = 8.50; Q = 630,000

Question 2

The government makes all economic decisions in a mixed economy.
 
  Indicate whether the statement is true or false

[Jmfn03]

Answer to Question 1

C

Answer to Question 2

FALSE

[anjilletteb]

Thanks for the timely response, appreciate it

[olderstudent]

Gracias!