Multiple Choice
Suppose that the free market labor supply and labor demand equations are given by Qs = 5W and Qd = 30 − 5W. If the minimum wage were set at $2.50 an hour, how many people would not be able to find work?
A) 30
B) 20
C) 10
D) 0
Correct Answer:
Verified
Correct Answer:
Verified
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