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

Assume that labor demand is given by Qd = 200 - 10P and labor Supply is given by Qs = 10P - 20, where P = wage and Q = quantity of labor.If a minimum wage of $15 is imposed on this market, what is the net effect on wages paid to labor in this market?

Group of answer choices

$240 loss

$100 loss

$200 gain

$360 gain

$50 gain

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