Todd Earns an Hourly Rate of $30 and Had Taxes

question 45

Multiple Choice

Todd earns an hourly rate of $30 and had taxes withheld totaling $240. What would his net earnings be if he worked 42 hours (assuming double time over 40 hours) ?

• A) $1,080
• B) $1,320
• C) $1,020
• D) $1,050

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market equilibrium.

Complement

A good or service that is used together with another good or service, increasing the value of both.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, achieving market balance.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where demand and supply are equal.