Figure 15.1 -Refer to Figure 15.1. If the Wage Rate Can Easily

question 86

Multiple Choice

Figure 15.1
-Refer to Figure 15.1. If the wage rate can easily adjust to clear the market, then if the wage rate is currently at $12:

• A) the wage rate will decrease to eliminate the shortage.
• B) the wage rate will decline to eliminate the surplus.
• C) the wage rate will decline to eliminate the shortage.
• D) the wage rate will increase to eliminate the shortage.

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Definitions:

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, traditionally identified as product, price, place, and promotion.

Internet

A global network of interconnected computers and servers allowing for the exchange of data, communication, and access to information.

Marketing Mix

The set of controllable tactical marketing tools, typically encapsulated as product, price, place, and promotion, that a company uses to produce a desired response from its target market.

Distribution

The process of making a product or service available for use or consumption by a consumer or business user.