The Following Table Shows the Demand and Supply of Labor

question 14

Multiple Choice

The following table shows the demand and supply of labor in an industry.The equilibrium employment in this market is ________ hours per week and those workers are paid ________ per hour.

• A) 20; $10
• B) 30; $10
• C) 50; $10
• D) 22; $11

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Definitions:

Vertical Integration

A strategy where a company acquires or merges with other companies at different stages of production or distribution within the same industry.

Keiretsu

A Japanese term that describes suppliers who become part of a company coalition.

Japanese Manufacturers

Companies based in Japan known for their emphasis on quality, innovation, and efficient production techniques, often within the automobile and electronics industries.

Local Optimization

A process of optimizing a specific area or department within an organization without necessarily considering its impact on the whole system.