Fact Pattern 15-1

question 11

Multiple Choice

Fact Pattern 15-1
Roz and Sara work as clerks in Trina's Nu Clothes Shop. Trina withholds federal taxes from their pay, and controls the methods and details of the performance of their work. Roz and Sara are not authorized to modify the prices or other terms of a sale at the shop.
-Refer to Fact Pattern 15-1. At the shop, Roz and Sara are

• A) independent contractors.
• B) not Trina's agents or employees, or independent contractors.
• C) Trina's agents and employees.
• D) Trina's employees only.

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Definitions:

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a certain period of time.

Nonbinding

Describes a regulation or condition that does not restrict the actions or choices of the individuals or entities it applies to.

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in a market balance.