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Question 1 Consider a labor market in which the aggregate labor demand and aggregate labor supply...

Question 1

Consider a labor market in which the aggregate labor demand and aggregate labor supply are given by:

LD=50−3w

LS=3w+3

Where quantities are measured in thousands. At the current minimum wage, there are 36,000 workers willing to supply their labor. How many workers are currently unemployed?

-25

-25,000

-19

-19,000

-Cannot be calculated since the minimum wage is not given

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