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