-The Labor Demand and Labor Supply Schedules Are Given in the Table

question 21

Multiple Choice

-The labor demand and labor supply schedules are given in the table above.If a minimum wage of $9 per hour is imposed,

• A) a surplus of 300 workers occurs.
• B) a shortage of 300 workers occurs.
• C) there is no surplus or shortage of workers.
• D) the quantity demanded is 1,000 workers.
• E) there is unemployment of 700 workers.

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Definitions:

Agent

A person or entity authorized to act on behalf of another (the principal), in dealings with third parties.

Corporation

A legal entity recognized by law as separate from its owners, with its rights and liabilities, capable of conducting business, entering contracts, and owning assets.

Indorsers

Individuals or entities that sign a document (often a negotiable instrument like a cheque) on the back to signify their agreement to transfer title or to guarantee its terms.

Contractually Liable

A state of being legally obligated by the terms of a contract to perform certain duties or compensate for failure to do so.