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

question 104

Multiple Choice

Table 4-4

Table 4-4 shows the demand and supply schedules for the labor market in the city of Pixley.
-Refer to Table 4-4.If a minimum wage of $11.50 is mandated, there will be a

• A)shortage of 20,000 units of labor.
• B)surplus of 20,000 units of labor.
• C)shortage of 40,000 units of labor.
• D)surplus of 40,000 units of labor.

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Definitions:

Capture

The act of gaining control or possession of something, often referring to market share or resources.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers at those prices.

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