Use the Following to Answer Questions

question 171

Multiple Choice

Use the following to answer questions:
Figure: Labor Market 1
-(Figure: Labor Market 1) Refer to the figure. If there is a price ceiling set at $6, how much shortage or surplus, if any, is there?

• A) 60 million hours
• B) 80 million hours
• C) 120 million hours
• D) There is no shortage and no surplus.

---

Definitions:

Innocent

Innocent refers to not being guilty of a crime or offense, or lacking knowledge of wrongdoing.

Void

Void refers to a legal declaration that a contract or transaction is null, having no effect or force in law, typically due to failing to meet certain legal requirements.

Mistake

An error or misunderstanding in the terms or conditions of a contract that can lead to its revocation or modification if all parties agree or if a court intervenes.

Mortgage

A legal agreement where property is used as security for a loan, with the condition that the conveyance of title becomes void upon repayment of the loan.