Table 54 Table 5-4 Shows the Demand and Supply Schedules

question 79

Multiple Choice

Table 5.4 Table 5-4 shows the demand and supply schedules for labour market in the city of Pixley.
-Refer to Table 5.4.If a minimum wage of $11.50 is mandated, there will be a

• A)shortage of 20 000 units of labour.
• B)surplus of 20 000 units of labour.
• C)shortage of 40 000 units of labour.
• D)surplus of 40 000 units of labour.

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Definitions:

Check

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer.

Accounts Payable

The amount of money owed by a company to its creditors for goods and services received but not yet paid for.

Credit Sale

A type of transaction where the goods or services are provided to the customer with the agreement that payment will be made at a later date.

Future Obligation

A commitment or responsibility to incur a cost or expenditure at a future date.