1. In Market A, as a function of the wage, labor demand is D(w)=100-w, and labor supply is S(w)=3w. What is the equilibrium wage? (Enter the number, no units)

2. In Market B, the market wage is w=20. Supply for labor is given by S(w)=8w, and demand for labor is D(w)=180-w. The price of output for the firms in this market is p=10. At the equilibrium, what is the marginal product of labor? (Just enter the number, no units)

3. In Market B, demand for output increases (shifts right). Which best explains what will happen to the market for labor.

A: The supply of labor will shift right due to the increased demand for output, and equilibrium wage will rise

B: The supply of labor will shift right due to the increased demand for output, and equilibrium wage will fall

C: The demand for labor will shift right due to the increased demand for output, and equilibrium wage will rise

D: The demand for labor will shift right due to the increased demand for output, and equilibrium wage will fall

4. In Market C demand for labor is D(w)=90-w, and supply is S(w)=w-10. The government imposes a minimum wage of w=60. Define unemployment as the excess labor supply in a market. What is unemployment when the minimum wage is implemented?

5. In Market C, after the minimum wage of w=60 is implemented, what would the deadweight loss be in this labor market? (HINT: It will help to draw the graph; just enter the number, no units)