Essay
Suppose a labor market is described by the demand equation Qd = 35 - 2w and 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). Using this information, answer the following questions:
(a) What is the equilibrium wage in this market?
(b) If the government institutes a minimum wage of $16, how many people are willing to work in this market?
(c) If the government institutes a minimum wage of $16, how many people will be unemployed in this market?
Correct Answer:
Verified
Correct Answer:
Verified
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