-The Table Above Gives the Labor Market for a Small

question 182

Multiple Choice

$$\begin{array} { c c c } \begin{array} { c } \text { Real wage rate Quantity of labor demanded } \\\text { (2005 dollars } \\\text { (millions of hours } \\\text { per hour) }\end{array} & \begin{array} { c } \text { Quantity of labor supplied } \\\text { (millions of hours } \\\text { per month) }\end{array} \\\hline 7.15 & 90 & 25 \\7.65 & 70 & 32 \\8.00 & 60 & 60 \\8.50 & 45 & 70 \\9.00 & 20 & 85 \\\hline\end{array}$$
-The table above gives the labor market for a small foreign economy.A minimum wage law that sets the minimum wage rate at $8.50 per hour produces

• A) equilibrium in the labor market.
• B) a labor surplus of 25 million hours.
• C) a labor shortage of 25 million hours.
• D) a labor surplus of $0.50 per hour.
• E) a labor surplus of 65 million hours.

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Definitions:

Cross-docking

A logistics practice where incoming shipments are unloaded, sorted, and directly reloaded onto outbound vehicles to reduce storage time.

Outbound Shipments

Goods being sent out from a company, warehouse, or distribution center to their intended destination.