Table 4-7 Table 4-7 Shows the Demand and Supply Schedules

question 363

Multiple Choice

Table 4-7
Table 4-7 shows the demand and supply schedules for the labor market in the city of Pixley.
-Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor demanded?

• A) 80,000
• B) 550,000
• C) 630,000
• D) 1,180,000

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Definitions:

Conditioned Stimulus

In classical conditioning, a previously neutral stimulus that, after becoming associated with the unconditioned stimulus, eventually comes to trigger a conditioned response.

Conditioned Response

The learned reaction to a previously neutral stimulus, brought about by conditioning.

Reflex

An automatic, involuntary response to a stimulus that does not involve conscious thought, designed to protect the body.

Maturation

Changes that occur according to one’s genetically determined biological timetable of development.