Suppose the Working Age Population in Tiny Town Is 100

question 301

Multiple Choice

Suppose the working age population in Tiny Town is 100 people. If 25 of these people are NOT in the labor force, the_________ equals________ .

• A) unemployment rate; 25/75 × 100
• B) labor force; 25/100 × 100
• C) unemployment rate; 25/100 × 100
• D) labor force; 75

---

Definitions:

Demand

The total amount of goods or services that consumers are willing and able to purchase at various prices during a specified period.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing to buy.

Price Ceiling

A government-imposed limit on how high the price of a product or service can be charged in the market, aimed at protecting consumers from high prices.

Quantity Demanded

The amount of a product or service consumers are willing and able to purchase at a given price.