Ian, the Owner of 5-For-1 Pizza, Has Noticed That When

question 101

Multiple Choice

Ian, the owner of 5-for-1 Pizza, has noticed that when he increases the price of his pizzas by $2.00, the number of pizzas that he sells drops by 30 percent. Ian has discovered

• A) the law of supply and demand.
• B) the supply curve.
• C) the demand curve.
• D) the law of supply.
• E) the law of demand.

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Definitions:

FICA-Medicare

The portion of FICA taxes that funds Medicare, providing health insurance for the aged and disabled.

Employees' Contribution

Monies that employees contribute from their salaries towards benefits, retirement plans, or taxes.

Retirement Fund

A financial arrangement designed to replace employment income upon retirement, often composed of contributions from employees, employers, or both.

Employee Earnings

The total compensation an employee receives, including wages, salaries, bonuses, and other forms of payment, before any deductions.