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) . If the government institutes a minimum wage of $25, how many workers will be willing to work in this market?
A) 5,000,000
B) 20,000,000
C) 10,000,000
D) 15,000,000
Correct Answer:
Verified
Correct Answer:
Verified
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