In a Particular Labor Market, the Demand for Labor Is

question 134

Multiple Choice

In a particular labor market, the demand for labor is given by W = 20 - (1 / 100) L, and the supply of labor is given by W = 4 + (1 / 100) L, where W is the wage rate and L is the number of workers. The equilibrium wage is _____, and the equilibrium number of workers is _____.

• A)$10; 1,000
• B)$12; 800
• C)$8; 1,200
• D)$20; 1,000

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Definitions:

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