Figure 18-7 -Refer to Figure 18-7. When the Relevant Labor Supply Curve

Multiple Choice

Figure 18-7
-Refer to Figure 18-7. When the relevant labor supply curve is S₁, and the labor market is in equilibrium, the

A) wage is W₁.
B) opportunity cost of leisure to workers is W₁.
C) value of the marginal product of labor to firms is W₁.
D) All of the above are correct.