Identify the equilibrium wage rate and quantity of labor

Reference no: EM131004061

Commercial fishing is often the lowest rated occupation on lists ranking the attractiveness of various jobs. For people living in and wanting to remain in small coastal com- munities, other job opportunities are few and the wage rate needed to attract them would be low. However, if there are few such workers, higher wage rates will have to be offered to attract more fishers. Use the demand-and- supply diagram for labor in commercial fishing to identify the equilibrium wage rate and quantity of labor. Use the diagram to illustrate the economic rent earned by workers who would fish at wage rates below the market equilibrium by shading in the appropriate area.

Reference no: EM131004061

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