WAGE (Dollars per hour) 16 14 12 10 2 0 Supply Demand 200 400 600 800 1000 1200 1400 1600 LABOR (Thousands of workers) In the above graph, identify whether there is shortage or surplus? a) Shortage b) Surplus c) In equilibrium d) Both shortage and surplus.

WAGE (Dollars per hour) 16 14 12 10 2 0 Supply Demand 200 400 600 800 1000 1200 1400 1600 LABOR (Thousands of workers) In the above graph, identify whether there is shortage or surplus? a) Shortage b) Surplus c) In equilibrium d) Both shortage and surplus.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

WAGE (Dollars per hour)
16
14
12
10
10
2
0
0
Supply
Demand
200 400 600 800 1000 1200 1400 1600
LABOR (Thousands of workers)
In the above graph, identify whether there is shortage or surplus?
a) Shortage
b) Surplus
c) In equilibrium
d) Both shortage and surplus.

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