Use the Following Table to Answer the Next Five Questions

question 103

Multiple Choice

Use the following table to answer the next five questions.

-If a minimum wage is established at $7.50,determine the amount of disequilibrium in the labor market.

• A) There would be a shortage of labor of 20,170,000.
• B) There would be a surplus of labor of 20,170,000.
• C) There would be neither a shortage nor a surplus.
• D) A labor shortage of 20,170,000 would be eliminated because individuals would decide to work in the illegal black market.
• E) A labor shortage of 20,170,000 would increase as individuals find work in the illegal black market.

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Definitions:

Articles Or Bylaws

Official documents that outline the structure, purpose, and rules governing the operation of a corporation or organization.

Odd Number

An integer which is not divisible by two, exhibiting a remainder of one when divided by two.

Policymaking Decisions

Choices and judgments made by governing bodies or officials regarding the establishment of rules, laws, or regulations intended to manage public affairs.

Corporate Affairs

Activities related to the operation and management of a corporation, including its legal, financial, and communications strategies.