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Consider the Following Model of the Labor Market

question 7

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Consider the following model of the labor market:
Labor supply: 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)    =4<sup>4/5</sup>;   = 1/5. B)    = 5;   = 6. C)    = 6;   = 5. D)    =6;   = 6. E)  Not enough information is given.
Labor demand: 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)    =4<sup>4/5</sup>;   = 1/5. B)    = 5;   = 6. C)    = 6;   = 5. D)    =6;   = 6. E)  Not enough information is given.
The value of the equilibrium quantity of labor, L, and wage, w, are:


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