Figure 12-3 Refer to Figure 12-3. This Figure Depicts Labor Demand and Labor

question 65

Multiple Choice

Figure 12-3
Refer to Figure 12-3. This figure depicts labor demand and supply in a nonunionized labor market. The original equilibrium is at point A. If a labor union subsequently establishes a union shop and negotiates an hourly wage of $20, then there will be an excess

• A) supply of 3,000 workers.
• B) demand of 7,000 workers.
• C) supply of 4,000 workers.
• D) supply of 7,000 workers.

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Definitions:

Sporting Goods

Items and equipment used for participation in sporting activities, including clothing, footwear, and gear like balls, bats, and nets.

Motivated Employees

Workers who are enthusiastic and committed to their tasks, often leading to higher productivity and job satisfaction.

Maslow's Hierarchy

A theory in psychology proposing that people are motivated to achieve certain needs and that some needs take precedence over others, forming a five-tier model of human needs.

Self-actualization

The realization or fulfillment of one's talents and potentialities, especially considered as a drive or need present in everyone.