Refer to the Graph Shown

question 36

Multiple Choice

Refer to the graph shown. If government establishes a price floor of $7.25 per hour, there will be a:

• A)shortage of 400 labor hours.
• B)surplus of 400 labor hours.
• C)shortage of 300 labor hours.
• D)surplus of 300 labor hours.

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Definitions:

Employee Check Stub

A document that accompanies an employee’s salary, detailing the breakdown of their earnings and deductions.

Bank Account Numbers

Unique identifiers assigned to an account in a bank, used for identification and processing financial transactions.

Employer's Quarterly Federal Tax Return

A form filed by employers to report income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks, and to pay the employer's portion of Social Security or Medicare tax.

Form 941

A federal tax form used by employers to report quarterly federal income tax withheld from employees' wages and payroll taxes.