-The Table Above Shows the Demand for Labor and Supply

question 278

Multiple Choice

-The table above shows the demand for labor and supply of labor schedules for low-skilled labor. If the labor market is competitive, what is the wage rate of low-skilled labor and what is the quantity of low-skilled labor employed?

• A) $6 an hour; 60 hours a day
• B) $6 an hour; 65 hours a day
• C) $4 an hour; 70 hours a day
• D) $4 an hour; 55 hours a day

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Definitions:

Private-label Brands

Brands that are owned by retailers or suppliers, not the manufacturers, but are produced by third parties.

Differentiate

To distinguish or create a distinct difference between products, services, or concepts, often to gain a competitive advantage.

Competitors

Other businesses or individuals offering similar products or services in the same market, vying for the same customer base.

Convenient Locations

Places that are easily accessible to customers, often chosen by businesses to enhance visibility and accessibility, leading to increased customer traffic.