-Refer to the Above Figure

question 337

Multiple Choice

-Refer to the above figure. If a price floor of $5 was set

• A) the quantity sold would be 80 units.
• B) the quantity sold would be 60 units.
• C) the quantity demanded would be 100 units.
• D) there would be a shortage of 20 units.

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Definitions:

FICA Social Security

A U.S. government program funded through payroll taxes that provides benefits to retirees, disabled individuals, and survivors.

FICA Medicare

FICA Medicare refers to the portion of the Federal Insurance Contributions Act tax that is designated for Medicare, providing health insurance for individuals over 65 and some younger people with disabilities.

Gross Pay

The total amount of money earned by an employee before any deductions or taxes are applied.

Regular Rate

The hourly pay rate that is used to calculate overtime pay for non-exempt employees according to the Fair Labor Standards Act (FLSA).