Use the Following Table to Answer the Following Questions

question 30

Multiple Choice

Use the following table to answer the following questions.

-If a minimum wage is set at $5.50,what is the amount of disequilibrium in the labor market?

• A) There would be a labor shortage of 25,515,000.
• B) There would be a labor surplus of 25,515,000.
• C) There would be neither a shortage nor a surplus.
• D) A labor surplus of 25,515,000 would be eliminated because individuals would decide to work in the illegal black market.
• E) A labor surplus of 25,515,000 would increase as individuals find work in the illegal black market.

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Definitions:

Volleyball Set

In the context of sports, it refers to a group of plays or the equipment used in the game of volleyball, but as a financial term, it's NO.

Markup Percentage

The percentage added to the cost price of goods to cover overhead and profit.

Dollar Amount

a numerical value representing a sum of money.

Direct Material

Raw materials that are directly traceable to the manufacturing of a product and are an integral part of the finished product.