Suppose a Labor Market Is Described by the Demand Equation

Multiple Choice

Suppose a labor market is described by the demand equation, Q_d = 60 - 2w, and the supply equation, Q_s = -10 + w, where Q_d is the quantity demanded of labor, Q_s is the quantity supplied of labor, and w is the wage (in dollars) . If the government institutes a minimum wage of $25, how many workers will be employed in this market?

A) 40,000,000
B) zero
C) 10,000,000
D) 5,000,000