Table 6-1 -Refer to Table 6-1. Suppose the Government Imposes a Price

question 644

Multiple Choice

Table 6-1
-Refer to Table 6-1. Suppose the government imposes a price ceiling of $70 on this market. What will be the size of the shortage in this market?

• A)0 units
• B)400 units
• C)600 units
• D)1000 units

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Definitions:

Widget Industry

A hypothetical or generic term often used to refer to any industry or sector producing a common, unspecified product for illustrative purposes.

AFL-CIO

The American Federation of Labor and Congress of Industrial Organizations, a federation of unions that represents workers.

Manufacturing Labor Market

The sector of the labor market focused on jobs involved in the production and fabrication of goods.

Unionized

Referring to workers or an industry segment that is organized into a union, which negotiates wages, work conditions, and other employment terms on behalf of its members.