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 willing to work in this market? A)5,000,000 B)20,000,000 C)10,000,000 D)15,000,000

Question

Quizplus · Accepted Answer

The Answer of 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 willing to work in this market? A)5,000,000 B)20,000,000 C)10,000,000 D)15,000,000

Suppose a Labor Market Is Described by the Demand Equation