Table 4-8 Table 4-8 Shows the Demand and Supply Schedules

question 414

Multiple Choice

Table 4-8
Table 4-8 shows the demand and supply schedules for the low-skilled labor market in the city of Westover.
-Refer to Table 4-8. If a minimum wage of $10.00 an hour is mandated, what is the quantity of labor demanded?

• A) 390,000
• B) 370,000
• C) 350,000
• D) 40,000

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Definitions:

Employment

The state of having paid work, being engaged in an occupation or job.

Marginal Productivity

The additional output that is produced by using one more unit of a given input, while keeping other inputs constant.

Flood

An overflow of water that submerges land that is usually dry, often caused by heavy rain, melting snow, or breach in water containment systems.

Inputs

Resources used in the process of production, including labor, materials, and capital.