Figure 4-10 -The Rising Minimum Wage Allegedly Has Reduced the Quantity Demanded

question 224

Multiple Choice

Figure 4-10

-The rising minimum wage allegedly has reduced the quantity demanded of teenage labor.However, demographics slightly reduced the supply of teenage labor.The U.S.Department of Labor reported that teenage unemployment is an increasing problem.Which graph in Figure 4-10 is consistent with these facts?

• A)1
• B)2
• C)3

---

Definitions:

Industry

The production of goods or services within an economy that is characterized by a specific focus, such as technology, finance, or manufacturing.

Firm(s)

Organizations involved in the production and distribution of goods or services to consumers in a market.

Price-Fixing

A practice where businesses agree on the price levels of their products or services, rather than letting competition in the market determine them, often deemed illegal.

Market-Sharing Agreements

Arrangements between companies to divide markets or customers to avoid competition.