-Refer to the Above Figure

question 221

Multiple Choice

-Refer to the above figure. Moving from point A to point B indicates

• A) An increase in supply.
• B) An increase in quantity supplied.
• C) A decrease in supply.
• D) A decrease in quantity supplied.

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Definitions:

Medicare

A federal health insurance program in the United States primarily for people aged 65 and over, as well as for some younger people with disabilities.

Fair Labor Standards Act

A U.S. law that sets minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in federal, state, and local governments.

Time and a Half

A payment rate that is 1.5 times the employee's regular hourly rate, typically paid for overtime work.

Federal Insurance Contributions Act

U.S. legislation that funds Social Security and Medicare through payroll taxes imposed on both employers and employees.