Refer to Table 4-7. Suppose that the quantity of labor demanded 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 = $9.50; Q = 590,000
C) W = $12.50; Q = 630,000 D) W = $9.50; Q = 570,000
A
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Relative Importance
What will be an ideal response?