There Are Two Separate Labor Markets in Toontown,illustrated by the Graphs

question 117

Multiple Choice

There are two separate labor markets in Toontown,illustrated by the graphs below.Both labor markets currently pay $6.00 per hour,and both require the same skills and qualifications.The Toontown City Council is considering enacting a $7.50 living wage ordinance,which would require all Toontown employers to pay wages of at least $7.50 per hour.
If the living wage is enacted,there will be ___ fewer hours worked in Market A and ___ fewer hours worked in Market B.

• A) ½;3
• B) ¾;3
• C) 1;3
• D) ¾;½

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Definitions:

Discount Date

The deadline by which a payment must be made to avail of a cash discount for early payment.

Due Date

The specific day by which a payment, project, or assignment is required to be completed or submitted.

Complement Rate

In the context of interest rates, this refers to the difference between 100% and the stated rate, used in various financial calculations.

Cash Discount

A reduction in the invoice price offered by the seller to encourage early payment by the buyer.