Table 4-7 Table 4-7 Shows the Demand and Supply Schedules

Multiple Choice

Table 4-7
Table 4-7 shows the demand and supply schedules for labor market in the city of Pixley.
-Refer to Table 4-7. What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*) ?

A) W* = $10.50; Q* = 590,000
B) W* = $11.50; Q* = 570,000
C) W* = $9.50; Q* = 570,000
D) W* = $10.50; Q* = 1,200,000