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.

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Definitions:

Fahrenheit Degrees

A temperature scale where the boiling point of water is 212 degrees and the freezing point is 32 degrees.

Correlation Coefficient

Represented by r, it is a number between −1 and 1, inclusive, that is used to judge how closely a line fits the data.

Median

The middle value in a data set when the values are arranged in ascending or descending order.

Discretionary Expense

Non-essential spending or expenses that an individual chooses to make, which can be cut without impacting their ability to cover basic living costs.