The Figures Given Below Show the Demand (D)and Supply (S)

question 30

Multiple Choice

The figures given below show the demand (D) and supply (S) curves of labor in two different markets.Figure 16.3

-Refer to Figure 16.3. If the wage rates in market A and market B were set at $20, then:

• A)both the markets would be in equilibrium.
• B)there would be a shortage of workers in market A and a surplus of workers in market B.
• C)there would be a shortage of workers in market B and a surplus of workers in market A.
• D)there would be a surplus of workers in both markets.
• E)there would be a shortage of workers in both markets.

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Definitions:

Perfection

A legal process that gives a secured creditor priority over claims from other creditors regarding a debtor's asset.

Collateral

Assets pledged by a borrower to secure a loan or other credit, which can be seized by the lender if the borrower defaults.

Secured Party

An individual or entity holding an interest in a secured transaction as security for performance obligation, typically involving collateral.

Attachment

A legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor.