part one: Suppose the demand for labor is given by W = 25 – 0.2L and the supply is given by W = 10+ 0.3L. What is the equilibrium wage rate? a.$20.2 b.$19 c.$19.4 d.$19.8 part two: Suppose the demand for labor is given by W = 250 – 0.05L, and the number of workers available is L = 3,000. What is the equilibrium wage rate? a.$110 b.$100 c.$130 d.$120 part three: Suppose the demand for labor is given by W = 250 – 0.05L, and the number of workers available is L = 3,000, and the labor union wants to set a minimum wage of $140. What is the number of workers unemployed? (Hint: Unemployed workers are the excess supply of labor.) a.800 b.1,000 c.600 d.400
part one: Suppose the demand for labor is given by W = 25 – 0.2L and the supply is given by W = 10+ 0.3L. What is the equilibrium wage rate? a.$20.2 b.$19 c.$19.4 d.$19.8 part two: Suppose the demand for labor is given by W = 250 – 0.05L, and the number of workers available is L = 3,000. What is the equilibrium wage rate? a.$110 b.$100 c.$130 d.$120 part three: Suppose the demand for labor is given by W = 250 – 0.05L, and the number of workers available is L = 3,000, and the labor union wants to set a minimum wage of $140. What is the number of workers unemployed? (Hint: Unemployed workers are the excess supply of labor.) a.800 b.1,000 c.600 d.400
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter26: Factor Markets: With Emphasis On The Labor Market
Section26.2: The Labor Market
Problem 1ST
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part one: Suppose the demand for labor is given by W = 25 – 0.2L and the supply is given by W = 10+ 0.3L. What is the equilibrium wage rate?
a.$20.2
b.$19
c.$19.4
d.$19.8
part two:
Suppose the demand for labor is given by W = 250 – 0.05L, and the number of workers available is L = 3,000. What is the equilibrium wage rate?
a.$110
b.$100
c.$130
d.$120
part three:
Suppose the demand for labor is given by W = 250 – 0.05L, and the number of workers available is L = 3,000, and the labor union wants to set a minimum wage of $140. What is the number of workers unemployed ?
(Hint: Unemployed workers are theexcess supply of labor.)
(Hint: Unemployed workers are the
a.800
b.1,000
c.600
d.400
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