Author Question: Refer to Table 4-7. Suppose that the quantity of labor supplied decreases by 80,000 at each wage ... (Read 42 times)

anjilletteb · **on:** Jun 29, 2018

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