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:
Definitions:
Human Nature
Refers to the general psychological, physical, and behavioral traits that are considered inherent and universal in humans.
Jealousy
An emotion characterized by feelings of insecurity, fear, and concern over a relative lack of possessions or safety of one's rights or values, often in reference to a romantic interest.
Envy
A sense of dissatisfaction or envy towards someone else's benefits, achievements, or belongings.
Cohabitating Partners
Cohabitating partners are individuals in a romantic relationship who live together without being legally married, sharing daily life and responsibilities.
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