Table 28-4
the Following Data Is About the Labor Market

question 173

Multiple Choice

Table 28-4
The following data is about the labor market in the city of Productionville.
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$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Wage } \\\text { (Dollars per hour) }\end{array} & \begin{array} { c } \text { Quantity Demanded } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (Units) }\end{array} \\\hline 8 & 6,000 & 16,000 \\\hline 7 & 9,000 & 14,000 \\\hline 6 & 12,000 & 12,000 \\\hline 5 & 15,000 & 10,000 \\\hline 4 & 18,000 & 8,000 \\\hline\end{array}$$ ​
-Refer to Table 28-4. If the local government imposed a minimum wage of $7 in Productionville, how many people would be unemployed?

• A)0
• B)2,000
• C)5,000
• D)10,000

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Definitions:

Performance Standards

The expected levels of performance that set the benchmark for the quality and effectiveness of work activities or outcomes.

Incentive Systems

Programs or strategies designed to motivate and reward employees in order to enhance their performance and productivity.

Establishing

The process of setting up or starting something, such as a business, a relationship, or a system.

Piecework

Work paid according to the number of units produced