P ($ per gallon) Wage Rate $2.20 $1.80 We $1.40 $1.20 $1.00- $0.60 Qe Quantity of Labor Excess supply or surplus An above-equilibrium price Equilibrium price A below-equilibrium price Excess demand D or shortage 300 400 500 600 700 800 900 Quantity of Gasoline (millions of gallons) What is the primary difference between these two graphs? (left or top is labor market graph (A) and bottom or right is supply/ demand graph (B))
P ($ per gallon) Wage Rate $2.20 $1.80 We $1.40 $1.20 $1.00- $0.60 Qe Quantity of Labor Excess supply or surplus An above-equilibrium price Equilibrium price A below-equilibrium price Excess demand D or shortage 300 400 500 600 700 800 900 Quantity of Gasoline (millions of gallons) What is the primary difference between these two graphs? (left or top is labor market graph (A) and bottom or right is supply/ demand graph (B))
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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