The Labor Supply Curve Is Given by the Equation L_S

question 123

Multiple Choice

The labor supply curve is given by the equation L_S = 3W + 20 and the labor demand curve is given by the equation L_D = 80 − 2W. The equilibrium number of workers in this labor market is:

• A) 12.
• B) 20.
• C) 36.
• D) 56.
• E) 80.

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Definitions:

Overhead Cost Variance

The difference between the actual overhead costs incurred and the standard (or expected) overhead costs for a given accounting period.

Standard Overhead

The fixed amount of overhead costs that are expected to be incurred under normal operating conditions.

Volume Variance

The difference between the budgeted volume of production or sales and the actual volume, impacting costs or revenue.