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The Following Figure Represents the Equilibrium in the Labor Market

Question 55

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The following figure represents the equilibrium in the labor market.Figure 14.4
The following figure represents the equilibrium in the labor market.Figure 14.4 In the figure, MFC: Marginal Factor Cost curve D: Demand or the Marginal Revenue Product curve S: Supply curve -Refer to Figure 14.4. A competitive labor market will pay the wage rate _____ and hire _____ units of labor. A) W<sub>1</sub>; Q<sub>1</sub> B) W<sub>1</sub>; Q<sub>2</sub> C) W<sub>2</sub>; Q<sub>2</sub> D) W<sub>1</sub>; Q<sub>3</sub> E) W<sub>3</sub>; Q<sub>1</sub> In the figure,
MFC: Marginal Factor Cost curve
D: Demand or the Marginal Revenue Product curve
S: Supply curve
-Refer to Figure 14.4. A competitive labor market will pay the wage rate _____ and hire _____ units of labor.


A) W1; Q1
B) W1; Q2
C) W2; Q2
D) W1; Q3
E) W3; Q1

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