-Refer to Figure 17

question 59

Multiple Choice

-Refer to Figure 17.2.If the equilibrium wage $12 and a new minimum wage is set at $15,then

• A) demand will rise.
• B) quantity demanded will decrease.
• C) quantity demanded will increase.
• D) demand will fall.

---

Definitions:

Personal Property

Movable properties such as furniture, automobiles, and electronics, as opposed to real estate or immovable property.

Transfer of Title

The legal process of transferring ownership of property or assets from one person or entity to another.

Bailment

A legal relationship in which physical possession of personal property is transferred from one person to another under the agreement that the property will be returned.

Rural Land

Land located in areas designated as rural, typically marked by lower population density and agricultural or undeveloped landscapes as opposed to urban areas.