-In the Above Figure Suppose a Minimum Wage of $8

question 75

Multiple Choice

-In the above figure suppose a minimum wage of $8 per hour is imposed. As a result, the quantity of labour supplied is _______ hours and the quantity of labour demanded is _______ hours.

• A) 4,000; 4,000
• B) 3,000; 4,000
• C) 4,000; 2,000
• D) 2,000; 4,000

---

Definitions:

Payroll Taxes Collected

Taxes that are withheld from employees' wages by their employer and remitted to the government, including amounts for social security and Medicare.

Workers' Compensation

A form of insurance providing wage replacement and medical benefits to employees injured in the course of employment.

FICA

Refers to the Federal Insurance Contributions Act taxes, which are payroll taxes paid by both employees and employers to fund Social Security and Medicare.

Overtime Earnings

Compensation received for hours worked in excess of the standard workweek hours, often calculated at a rate higher than the regular hourly rate.