The Labor Supply Curve Is Given by the Equation LS

question 26

Multiple Choice

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.The equilibrium number of workers in this labor market is:

• A) 12.
• B) 20.
• C) 36.
• D) 56.
• E) 80.

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Definitions:

Freud's Theory

A set of psychoanalytic theories developed by Sigmund Freud that emphasize the roles of unconscious motivations, childhood experiences, and sexual and aggressive drives in shaping personality.

Self-actualizers

Individuals who have realized and fulfilled their potential, achieving self-fulfillment and peak experiences as described by Maslow.

External Authority

The influence or control exerted by an outside force or body, often seen in organizational or societal structures.

Neo-Freudian

Pertains to psychologists and theorists who accepted Freud's basic ideas but modified them to include social and cultural factors in personality development.