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))

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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P ($ per gallon)
Wage Rate
$2.20
$1.80
$1.40
a $1.20
X
We
Qe
Quantity of Labor
$1.00-
$0.60
Excess supply
or surplus
An above-equilibrium price
Equilibrium price
A below-equilibrium price
Excess demand D
or shortage
300 400 500 600 700 800 900
Quantity of Gasoline (millions of gallons)
What is the primary difference
between these two graphs? (left
or top is labor market graph (A)
and bottom or right is supply/
demand graph (B))
Transcribed Image Text:P ($ per gallon) Wage Rate $2.20 $1.80 $1.40 a $1.20 X We Qe Quantity of Labor $1.00- $0.60 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))
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