The graph on the right shows a labor market in equilibrium The equilibrium wage is $10 per hour. At this wage, there are people who are not workıng, which is represented by the segment of the labor supply curve above the equilibrium wage Why are these people not workıng in this market? Labor O A. These people have decided not to work right now, regardless of the wage. supply curve O B. These people applied for employment at $10 per hour but were not hired by the firm OC. These people are only willing to work for wages above the markel-clearurig wage 10 OD. This represents those who are not yet 16 years of age and therefore not eligible to work Labor demand curve Quantity of labor

The graph on the right shows a labor market in equilibrium The equilibrium wage is $10 per hour. At this wage, there are people who are not workıng, which is represented by the segment of the labor supply curve above the equilibrium wage Why are these people not workıng in this market? Labor O A. These people have decided not to work right now, regardless of the wage. supply curve O B. These people applied for employment at $10 per hour but were not hired by the firm OC. These people are only willing to work for wages above the markel-clearurig wage 10 OD. This represents those who are not yet 16 years of age and therefore not eligible to work Labor demand curve Quantity of labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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