Use the Graph Below to Answer the Following Questions

question 78

Multiple Choice

Use the graph below to answer the following questions.
Figure 28-2

-Refer to Figure 28-2.If the minimum wage rose from $6 to $7,unemployment would

• A)rise by 40.
• B)rise by 20.
• C)fall by 20.
• D)fall by 40.

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Definitions:

Reference Price

The price against which buyers compare the actual selling price of the product and that facilitates their evaluation process.

Strategy

A comprehensive plan or set of actions designed by an individual or organization to achieve specific long-term goals.

Market Share

The percentage of an industry's sales that a particular company controls, indicating its competitiveness in the market.

Sales Orientation

A company objective based on the belief that increasing sales will help the firm more than will increasing profits.