Use the Following to Answer Questions

Multiple Choice

Use the following to answer questions.
Exhibit: Aggregate Production Function, Labor Market, and LRAS
-(Exhibit: Aggregate Production Function, Labor Market, and LRAS) In the labor market represented in Panel (b) ,
I. the equilibrium real wage equals $40,000.
II. at the equilibrium real wage, 100 million workers are employed.
III. the equilibrium real wage is that which prevails when the economy achieves its natural level of employment.

A) I only
B) I and II only
C) I, II, and III
D) None of the above; to determine if the labor market is in equilibrium, we need information on the economy's aggregate production function.