From the diagram below, the equilibrium wage rate is

Assessment: JAMB UTME - Economics - 2024 Subject: Economics

Question 1 Report

From the diagram below, the equilibrium wage rate is

Answer Details
The equilibrium wage rate is achieved when the demand for labour equals the supply of labour in a particular labour market. At this point, there is no excess demand or excess supply of labour, and the market is in balance.
From the diagram above, the equilibrium wage rate is W2.
Read lesson note on Population And Labour Market (WAEC)
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