Suppose the Market for Labor Is Perfectly Competitive and the Demand

Multiple Choice

Suppose the market for labor is perfectly competitive and the demand for labor is $L = 100 - 10 w$ and market supply is $L = - 20 + 10 w$ .If a minimum wage is imposed at w = 8,the loss to firms will be

A) 20
B) 40
C) 60
D) 80