The Bureau of Labor Was Created ___________________

question 20

Multiple Choice

The Bureau of Labor was created ___________________.

• A) to help regulate interstate and foreign trade arising from large-scale industrialization and economic development
• B) as a response to workers' concerns that arose with the growth of the industrial economy
• C) to respond to severe economic crises
• D) to provide jobs for large numbers of the unemployed
• E) to deal with the nation's fiscal woes

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Definitions:

Producer Surplus

The difference between the actual amount producers receive for a good or service and the minimum amount they are willing to accept.

Equilibrium Price

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.

Diagram

A simplified drawing showing the appearance, structure, or workings of something.

Market Supply Curve

A graphical representation showing the total quantity of a good that sellers are willing and able to sell at various prices.