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:

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