-The Above Figure Shows the Market for Carpenters in Geelong

question 72

Multiple Choice

-The above figure shows the market for carpenters in Geelong. If there is a minimum wage set at $18, which of the following statements is true?

• A) Workers who retain their jobs have their wages rise.
• B) Firms' surplus increases with the minimum wage.
• C) The quantity supplied of workers is less that quantity demanded.
• D) The market is efficient.
• E) Unemployment decreases because firms employ their workers more carefully.

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Definitions:

Actual To Planned

Comparison between the actual performance or results and the planned or budgeted figures.

Just-In-Time Manufacturing

A production strategy that aims to reduce in-process inventory and associated carrying costs by producing goods only as they are needed in the production process.

Inventory

Goods or materials a business holds for the purpose of resale.

Order

A request to purchase, sell, or supply goods or services.