The following figure shows the labor demand curve, LD₁, and labor supply curve, LS₁, in a market.
-Refer to the figure above.Calculate the equilibrium wage rate and the equilibrium level of employment.
A) $15 and 35 units of labor
B) $20 and 15 units of labor
C) $25 and 20 units of labor
D) $35 and 10 units of labor
Correct Answer:
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