Consider the Following Model of the Labor Market:
Labor Supply $L ^ { 5 } = 1 + w$

question 23

Multiple Choice

Consider the following model of the labor market:
Labor supply: $L ^ { 5 } = 1 + w$
Labor demand: $L ^ { d } = 11 - w$
The value of the equilibrium quantity of labor, L, and wage, w, are:

• A) \(L ^ { * }\) = 4^4/5; \(w ^ { * }\) = 1/5
• 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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