Use the accompanying graph to answer the questions.
a. What is the equilibrium price and equilibrium quantity?
b. At the price of $5, is there a shortage or a surplus? What is the amount of this shortage or surplus?
c. At the price of $15, is there a shortage or a surplus? What is the amount of this shortage or surplus?
Definitions:
Single Unionism
A labor relations approach where only one union represents all workers within a workplace or industry, which aims to streamline negotiation processes and reduce inter-union competition.
Single Occupation
A specific job or profession characterized by a unique set of skills or qualifications, often within a wider industry or sector.
Representation Model
A framework in labor relations where employees choose individuals or groups, such as unions, to negotiate and communicate with employers on their behalf.
Multiple Industries
Refers to the diverse sectors of the economy, including manufacturing, services, agriculture, and technology, among others.
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