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Manifestting

In a labor market, the worker is the supplier (or producer) and the employer is the consumer. Wages are the price paid for a worker’s labor. The labor demand curve shows the number of workers that firms can hire at different wages. This curve has a negative slope because as wage rates increase, firms have to hire fewer workers to decrease production costs. At the equilibrium point, the number of workers available to work equals the number of workers the employers are willing to hire. So, there is no excess supply or demand for labor. This means there is no unemployment or labor shortages.


The equilibrium point in the question is $15. So that means $15 is the correct answer.

The wages at which there will be no unemployment or labor shortages in the labor market at the wages of $15. Thus, option E is correct.

The demand curve can be given as the demand of the consumer or utilize with respect to the price of the product in the market. There has been the negative curve of the demand of the workers with respect to the wages, as there has been lesser employment of the workers with the higher cost.

Since there has been no excess with the demand and the labor, the equilibrium point has been found to be at $15. Thus, there have been no unemployment or labor shortages in the labor market at the wages of $15. Thus, option E is correct.

For more information about the wage level, refer to the link:

https://brainly.com/question/5066760

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