The labor supply curve is given by the equation LS = 3W + 20 and the labor demand curve is given by the equation LD = 80 - 2W.If the wage is $20,there will be a __________ of __________ workers.

Name: The labor supply curve is given by the equation LS = 3W + 20 and the labor demand curve is given by the equation LD = 80 - 2W.If the wage is $20,there will be a __________ of __________ workers.
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Question

Quizplus · Accepted Answer

At a wage of $20, LS = 3(20) + 20 = 80 and LD = 80 - 2(20) = 40, resulting in a surplus of 40 workers.

The Labor Supply Curve Is Given by the Equation LS