The current wage paid for carpenters in Raleigh is $15 per hour. At that wage there are 10,000 labor hours supplied per week while the number of labor hours demanded is 12,000. It follows that

The current wage paid for carpenters in Raleigh is $15 per hour. At that wage there are 10,000 labor hours supplied per week while the number of labor hours demanded is 12,000. It follows that

The current wage paid for carpenters in Raleigh is $15 per hour. At that wage there are 10,000 labor hours supplied per week while the number of labor hours demanded is 12,000. It follows that 




A. There is a surplus of carpenter labor on the market
B. The market equilibrium wage for carpenters is $15 per hour
C. The market equilibrium wage for carpenters is less than $15 per hour
D. The market equilibrium wage for carpenters is more than $15 per hour




Answer: D