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The Labor Supply Curve Is Given by the Equation LS

Question 37

Multiple Choice

The labor supply curve is given by the equation LS = 3W + 20 and the labor demand curve is given by the equation LD = 80 − 2W. If the wage is $20, there will be a _________ of _________ workers.


A) surplus; 80
B) shortage; 40
C) shortage; 80
D) surplus; 40
E) surplus; 20

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