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

question 35

True/False

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

-Since we all like to get richer, so when wage rate increases we always like to work longer hours to make more income.

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Definitions:

Supply Curves

Graphical representations that show the relationship between the price of a good or service and the quantity of that good or service that suppliers are willing to offer for sale.

Equilibrium Quantity

The quantity of goods or services that is supplied equals the quantity demanded at the market equilibrium price, at which point there is no tendency for the market price to change.

Personal Income Tax

A tax levied on the income of individuals, which can vary based on income levels and types of income.

State Excise Tax

Taxes imposed by a state on particular goods or activities, such as alcohol, cigarettes, and gasoline.