Refer to the graph shown. Without government intervention, market forces would result in:
A) 800 labor hours demanded, 800 labor hours supplied, and a wage rate of $6.50 per hour.
B) 500 labor hours demanded, 900 labor hours supplied, and a wage rate of $7.25 per hour.
C) 1,200 labor hours demanded, 500 labor hours supplied, and a wage rate of $4.50 per hour.
D) 500 labor hours demanded, 500 labor hours supplied, and a wage rate of $7.25 per hour.

Question

Refer to the graph shown. Without government intervention, market forces would result in: 
A) 800 labor hours demanded, 800 labor hours supplied, and a wage rate of $6.50 per hour. 
B) 500 labor hours demanded, 900 labor hours supplied, and a wage rate of $7.25 per hour. 
C) 1,200 labor hours demanded, 500 labor hours supplied, and a wage rate of $4.50 per hour. 
D) 500 labor hours demanded, 500 labor hours supplied, and a wage rate of $7.25 per hour.

Quizplus · Accepted Answer

The Answer of Refer to the graph shown. Without government intervention, market forces would result in: 
A) 800 labor hours demanded, 800 labor hours supplied, and a wage rate of $6.50 per hour. 
B) 500 labor hours demanded, 900 labor hours supplied, and a wage rate of $7.25 per hour. 
C) 1,200 labor hours demanded, 500 labor hours supplied, and a wage rate of $4.50 per hour. 
D) 500 labor hours demanded, 500 labor hours supplied, and a wage rate of $7.25 per hour.

Refer to the Graph Shown