The Following Figures Show the Demand and Supply of Labor

question 110

Multiple Choice

The following figures show the demand and supply of labor in two different types of labor market. Figure 29.5 In the figures,
D: Demand curve for labor
S: Supply curve of labor
MRP: Marginal revenue product
MFC: Marginal factor cost
Refer to Figure 29.5.If a minimum wage of $10 is set by the government, then in market A:

• A)a shortage of 20 labor hours is created.
• B)the quantity demanded for labor rises to 20 labor hours.
• C)a shortage of 15 labor hours is created.
• D)a surplus of 20 labor hours is created.
• E)a surplus of 10 labor hours is created.

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Definitions:

Assertiveness

is the quality of being self-assured and confident without being aggressive, enabling effective communication and boundary setting.

Silent Authority

A form of power or influence exerted by an individual based on their position or role within an organization, without explicitly manifesting it.

Persuasion

The process of influencing or convincing others to change their beliefs, attitudes, or actions through argument, reasoning, or appeal.

Assertiveness

The quality of being self-assured and confidently expressing one's rights, desires, or feelings in a way that is respectful to others.