Consider the Following Model of the Labor Market

question 6

Multiple Choice

Consider the following model of the labor market:
Labor supply:
Labor demand:
)
The value of the equilibrium quantity of labor,L,and wage,w,are:

• A) ; .
• B)L* = 5;w* = 6.
• C)L* = 6;w* = 5.
• D)L* = 6;w* = 6.
• E)Not enough information is given.

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