Table 17.3.1 -Table 17.3.1 Gives Information About the Labour Market in Lantis,a

Multiple Choice

Table 17.3.1

-Table 17.3.1 gives information about the labour market in Lantis,a community in which the labour market is perfectly competitive.If the price of the good that Lantis produces increases and the value of marginal product of labour changes by $10 an hour,the equilibrium wage rate is ________ an hour and the quantity of labour employed is ________.

A) $17.50;450 hours
B) $10;600 hours
C) $20;500 hours
D) $15;300 hours
E) $20;300 hours