The Figure Given Below Shows the Demand Curves (D₁ and D₂)and

question 31

Multiple Choice

The figure given below shows the demand curves (D₁ and D₂) and supply curves (S₁ and S₂) of labor in the labor market. Figure: 29.2 According to Figure 29.2, assume that the market is in an initial equilibrium in which the labor supply is S₁ and the labor demand is D₁.Then labor supply shifts from S₁ to S₂ but the wage remains at its previous equilibrium level.Which of the following is true?

• A)The economy is still in equilibrium.
• B)There is a shortage of 20 workers.
• C)There is a shortage of 30 workers.
• D)There is a surplus of 30 workers.
• E)There is a surplus of 20 workers.

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Underground Storage

Facilities used for the storage of goods, valuables, or commodities below the earth's surface.

Market Value

The existing value at which a service or asset may be sold or bought within a market environment.

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A tool used in accounting to compile all the financial statements and support in preparing closing entries.

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Financial entries drafted at the end of an accounting timeframe to accurately assign income and expenses to the period they were incurred.