Suppose Your State Has Enacted a Law That Demands Equal

question 33

Multiple Choice

Suppose your state has enacted a law that demands equal compensation for jobs requiring about the same level of education, training, and skills. This concept is called

• A) comparable worth.
• B) profit sharing.
• C) a golden parachute.
• D) variable worth.
• E) bonus sharing.

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Definitions:

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price in a market.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded by consumers over a range of prices.

Equilibrium Price

The cost where the amount of products offered matches the amount of products sought by consumers.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity of goods or services demanded at the market equilibrium price.