Suppose you are trying to fill in a position of a painter to work for 18 hours at $10 per hour. The competitive wage is $22. Describe the following situation using a graph:

Would the equilibrium hours be higher lower or equal to 18?

Would the equilibrium wage be higher or lower than $10?

Would you know the exact number for the equilibrium wage?

What would you expect to see at $10 wage - a shortage or surplus?

Answer rating: 100% (QA)

To describe this situation using a graph we can use a supply and demand graph for labor Equilibrium ... View the full answer