The demand for labor by an industry is given by the curve L =210 -5w, where L is the labor demanded per day and w is the wage rate. The supply curve is given by L = 10w. What is the equilibrium wage rate and quantity of labor hired? (Round all responses to two decimal places.) The equilibrium wage rate is $ per hour. The equilibrium quantity of labor is units. What is the economic rent earned by the workers? Economic rent is $The gouemment sets a minimum wage above the wage currently paid by a monopsonist buyer of labor but below the wage that would prevail if the labor market were perfectly competitive. After the minimum wage becomes effective, the monoprsonist will 0 A. pay a lower wage and hire more workers than it did before the minimum wage went into effect. 0 B. pay a higher wage and hire fewer workers than it did before the minimum wage went into effeot. O 13. pay a higher wage and hire more workers than it did before the minimum wage went into effect. O D. pay a lower wage and hire fewer workers than it did before the minimum wage went into effect. 0 E. go out of business