Refer to the Information Provided in Figure 28

question 246

Multiple Choice

Refer to the information provided in Figure 28.1 below to answer the question(s) that follow. Figure 28.1
-Refer to Figure 28.1. At wage rate $6, there is a ________ of labor equal to ________ million people.

• A) shortage; 180
• B) shortage; 60
• C) surplus; 180
• D) surplus; 60

---

Definitions:

Real Wages

Wages that have been adjusted for inflation, representing the actual purchasing power of income.

Productivity

The efficiency with which input resources are converted into outputs, often measured as output per unit of input.

Marginal Product

The increase in output that results from employing one more unit of a particular factor of production, holding all else constant.

Radios

Electronic devices designed to receive and amplify audio broadcasts from radio stations, allowing for the wireless transmission of music, news, and other types of content.