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Assume that labor demand is given by Qd = 200 – 20P and labor Supply is given by Qs = 10P – 10, where P = wage and Q = quantity of labor. If a minimum wage of $8 is imposed on this market, what is the net effect on wages paid to labor in this market? a. $210 loss b. $100 loss c. $20 loss d. $40 gain e. $50 gain

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Assume that labor demand is given by Qd = 200 – 20P and labor Supply is given by    Qs = 10P – 10, where P =

wage and Q = quantity of labor. If a minimum wage of $8 is imposed on this market, what is the net effect on wages paid to labor in this market? 

  • a. $210 loss
    • b.  $100 loss
    • c.  $20 loss
    • d.  $40 gain
    • e.  $50 gain
 
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