AP Microeconomics Quiz
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FACTOR MARKETS
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A delivery company hires truck drivers in a competitive labor market. Based on the labor market shown in the table, what is the equilibrium wage and quantity of labor (drivers) employed? Labor market table (wage per hour, WW): - At $W = $22: QD=80Q_D = 80 drivers, QS=40Q_S = 40 drivers - At $W = $24: QD=70Q_D = 70 drivers, QS=50Q_S = 50 drivers - At $W = $26: QD=60Q_D = 60 drivers, QS=60Q_S = 60 drivers - At $W = $28: QD=50Q_D = 50 drivers, QS=70Q_S = 70 drivers - At $W = $30: QD=40Q_D = 40 drivers, QS=80Q_S = 80 drivers Figure accompanying this question
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