The Labor Supply Curve Is Given by the Equation LS

question 9

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.If the wage is $20,there will be a __________ of __________ workers.

• A) surplus; 80
• B) shortage; 40
• C) shortage; 80
• D) surplus; 40
• E) surplus; 20

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Definitions:

Shield Volcano

A type of volcano with broad, gently sloping sides, formed by the eruption of highly fluid lava.

Composite Volcano

A type of volcano characterized by explosive eruptions and composed of alternating layers of lava and ash.

Caldera

A large volcanic crater, typically formed by a major eruption leading to the collapse of the mouth of the volcano.

White Snow

A form of precipitation consisting of ice crystals that are soft, white, and cold, typically accumulating on the ground in cold climates.