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Question
Table 4-4| Hourly Wage (dollars) | Quantity of Labor Supplied | Quantity of Labor Demanded |
| $7.50 | 530,000 | 650,000 |
| 8.50 | 550,000 | 630,000 |
| 9.50 | 570,000 | 610,000 |
| 10.50 | 590,000 | 590,000 |
| 11.50 | 610,000 | 570,000 |
| 12.50 | 630,000 | 550,000 |
Table 4-4 shows the demand and supply schedules for labor market in the city of Pixley.
Refer to Table 4-4. What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*)?
A) W* = $10.50; Q* = 590,000
B) W* = $11.50; Q* = 570,000
C) W* = $9.50; Q* = 570,000
D) W* = $10.50; Q* = 1,200,000
Answer
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