The table below describes the market for fast food employees in the United States.

Hourly Wage

Quantity Demanded

$($in millions$)$

Quantity Supplied

$($in millions$)$

$$7\mathrm{.}253\mathrm{.}953\mathrm{.}25$

$$7\mathrm{.}753\mathrm{.}803\mathrm{.}45$

$$8\mathrm{.}253\mathrm{.}653\mathrm{.}65$

$$8\mathrm{.}753\mathrm{.}503\mathrm{.}85$

$$9\mathrm{.}253\mathrm{.}354\mathrm{.}05$

What is the hourly wage when this labor market is in equilibrium?

Answer rating: 100% (QA)

The equilibrium wage in the labor market is the wage at which the qu... View the full answer