Suppose the Demand for Labor Is W = 300 -

question 14

Multiple Choice

Suppose the demand for labor is w = 300 - 2Q and the supply of labor is w = Q.If a price floor is set at $200,then the equilibrium

• A)Wage is $100 and quantity is 100
• B)Wage is $100 and quantity is 50
• C)Wage is $200 and quantity is 100
• D)Wage is $200 and quantity is 50

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Definitions:

Limestone

A sedimentary rock composed mainly of calcium carbonate, often used in building materials and is a key ingredient in cement.

Tailings

The materials left over after the process of separating the valuable fraction from the uneconomic fraction of an ore.

Ore

A naturally occurring solid material from which a metal or valuable mineral can be extracted profitably.

Metamorphic Rock

Rock that was once one form of rock but has changed to another under the influence of heat, pressure, or some other agent without passing through a liquid phase.