-The Above Figure Shows the Market for Game Day T-Shirts

question 240

Multiple Choice

-The above figure shows the market for game day t-shirts.If the price of t-shirts is $8,then

• A) there is a shortage and the price of t-shirts will rise.
• B) there is a surplus and the price of t-shirts will rise.
• C) the market is in equilibrium.
• D) there is a shortage and the price of t-shirts will fall.
• E) there is a surplus and the price of t-shirts will fall.

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Definitions:

Demand for Labor

The total amount of workers that employers are willing and able to hire at a given wage rate in a specific labor market.

Supply of Labor

The total hours that workers are willing and able to work at a given wage rate.

Wages

Remuneration provided to laborers for their services, usually based on an hourly, daily, or task-completion method.

Total Compensation

The complete pay package for employees including all forms of money, benefits, services, and in-kind payments.