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

question 79

Multiple Choice

Table 4-4

Table 4-4 shows the demand and supply schedules for the labor market in the city of Pixley.
-Refer to Table 4-4.If a minimum wage of $12.50 is mandated, there will be a

• A)shortage of 40,000 units of labor.
• B)surplus of 40,000 units of labor.
• C)shortage of 80,000 units of labor.
• D)surplus of 80,000 units of labor.

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Definitions:

Desires

Strong feelings of wanting or wishing for something to happen.

Behaviourism

A theory in psychology that focuses on observable behaviors rather than internal processes such as thoughts and feelings, emphasizing the effects of reinforcement on behavior.

Personality

The combination of emotional, attitudinal, and behavioral response patterns of an individual.

Response Tendencies

The habitual ways in which an individual reacts to a given situation or stimulus.