Suppose all workers in a certain labor market are of either high quality or low quality. Potential employers value a high-quality worker at $15,000 per month and a low-quality worker at $7,500 per month. The monthly supply of high-quality workers is QsH = 0.04(W - 1,500) and the supply of low-quality workers is QsL = 0.08(W - 1,500), where W is the monthly wage. If workers' abilities are observable to employers, what are the equilibrium wages?
A. WH = $15,000; WL = $7,500
B. WH = $7,500; WL = $7,500
C. WH = $12,500; WL = $12,500
D. WH = $5,250; WL = $4,500
A. WH = $15,000; WL = $7,500
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