Refer to Table 3

question 57

Multiple Choice

Refer to Table 3.2,which shows some costs and benefits of having your car repaired.Suppose you use your car to deliver pizzas.If you earn $10 per hour delivering pizzas,what is the net benefit of 3 hours of car repairs?

• A) $875
• B) $1540
• C) $905
• D) There is not enough information to determine the net benefits.

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Definitions:

Equilibrium Price

The market price at which the quantity of a good demanded equals the quantity supplied, leading to no excess supply or shortage.

Abolished

Refers to formally putting an end to a system, practice, or institution.

Government Involvement

Refers to the activities and interventions by the government in the market to regulate or support economic operations and social policies.

Wages

Wages refer to the fixed regular payment, typically calculated on a hourly, daily, or piecework basis, made by an employer to an employee.