Use the Following to Answer Questions: Figure: Labor Supply and Demand

question 196

Multiple Choice

Use the following to answer questions: Figure: Labor Supply and Demand
-(Figure: Labor Supply and Demand) Refer to the figure. What is the unemployment rate caused by the labor union's action to increase its wage demands to $11 an hour?

• A) 40%
• B) 60%
• C) 66.7%
• D) 75.6%

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Definitions:

Supermarkets

Large retail market establishments that sell a wide variety of goods, primarily food and grocery items, but often also household goods.

Trade-In Allowance

The amount a seller offers to reduce the cost of a new item when a customer gives back an old item as part of the transaction.

List Price

The advertised price of a product or service before any discounts or promotions are applied.

New Car Dealer

A business that specializes in selling new automobiles, often featuring a specific brand or range of vehicle models.