The Following Figures Show the Demand (D) and Supply (S)

question 28

Multiple Choice

The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6

-In Figure 16.6, assume that micro and macroeconomists must be paid the same wage because of comparable-worth laws. If the wage rate is $12, then:

• A)there is a shortage of macroeconomists and a surplus of microeconomists.
• B)there is a shortage of microeconomists and a surplus of macroeconomists.
• C)there is a shortage of both macroeconomists and microeconomists.
• D)there is a surplus of both macroeconomists and microeconomists.
• E)the labor market for economists as a whole is in equilibrium.

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Definitions:

Payment

The act of giving money or other compensation to settle a debt or obligation.

Certified Checks

Checks guaranteed by a bank, verifying that the signer has enough funds in their account to cover the amount specified on the check.

Dishonored

In financial terms, a dishonored instrument (like a check) refers to one that cannot be processed because the payor's account lacks sufficient funds or is closed.

Liability

The state of being legally responsible for something, particularly for debts or legal obligations.