Answer:
D) wage = $8.50 and quantity = 550,000
Explanation:
hourly wage labor supplied labor demanded -80,000
$7.50 530,000 650,000 570,000
$8.50 550,000 630,000 550,000
$9.50 570,000 610,000 530,000
$10.50 590,000 590,000 510,000
$11.50 610,000 570,000 490,000
$12.50 630,000 550,000 470,000
The equilibrium quantity is the point where the labor supplied and the labor demanded intersect, and in this case that point is located at 550,000 units of labor at a price (wage) of $8.50 per labor hour.
