Multiple Choice
Suppose a labor market is described by the demand equation, Qd = 60 - 2w, and the supply equation, Qs = -10 + w, where Qd is the quantity demanded of labor, Qs is the quantity supplied of labor, and w is the wage (in dollars) . What is the equilibrium wage in this labor market?
A) $23.33
B) $30
C) $16.67
D) $26.67
Correct Answer:
Verified
Correct Answer:
Verified
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