In Order to Understand How the Price of a Good

question 64

Multiple Choice

In order to understand how the price of a good is determined in the free market, one must account for the desires of:

• A)purchasers exclusively.
• B)sellers exclusively.
• C)governmental agencies exclusively.
• D)purchasers and sellers.

---

Definitions:

Interstate Commerce

Refers to any work involving or related to the movement of goods or services across state lines within the United States.

Worker's Regular Hourly Wage

The standard rate of pay per hour for a worker before any overtime or bonuses are added.

Overtime Pay

Compensation for employees who have worked more than the standard work hours.

Fair Labor Standards Act

A U.S. law that sets minimum wage, overtime pay eligibility, recordkeeping, and child labor standards.