Question: Based on Table 16P-3, indicate what would happen in this labor market at various wage rates by selecting one of the three choices shown for

Based on Table 16P-3, indicate what would happen in this labor market at various wage rates by selecting one of the three choices shown for each item.

a. At $8/hour: excess labor supply; excess labor demand; or equilibrium.

b. At $3/hour: excess labor supply; excess labor demand; or equilibrium.

c. At $5/hour: excess labor supply; excess labor demand; or equilibrium.

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