Table 4-3 Table 4-3 Shows the Demand and Supply Schedules for Labor

question 122

Multiple Choice

Table 4-3

Table 4-3 shows the demand and supply schedules for labor market in the city of Pixley.
-Refer to Table 4-3.If a minimum wage of $9.50 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:

Dollar Appreciate

The increase in the value of the U.S. dollar relative to other currencies.

Dollar Depreciate

A decline in the value of the US dollar relative to other currencies, leading to decreased purchasing power internationally.

Currency Devaluations

The reduction in value of a country's currency with respect to foreign currencies.

Suppliers

Businesses or individuals that provide goods or services to another entity, typically for resale or business use.