Equilibrium wage and equilibrium labor force

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Reference no: EM131091209

Suppose that the demand for labor is summarized by the equation: wD = 40 – 10 LD

The supply of labor is summarized by the equation: wS = 10 + 5 LS

The equilibrium wage is ___ and the equilibrium labor force is ____:

a) $5 and 4 b) $10 and 3 c) $15 and 3 d) $20 and 2

Reference no: EM131091209

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