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What is the equilibrium wage and quantity of retail labor

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Reference no: EM133552345

Question: Many retail workers operate in a competitive labor market. The labor supply is QS = 10W (where W is the price of labor measured by the hourly wage) and the demand for labor is QD = 240 20W. Q measures the quantity of labor hired (in thousands of hours).

a) What is the equilibrium wage and quantity of retail labor working in equilibrium?

Reference no: EM133552345

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