Figure 18-8
This figure below shows the labor market for automobile workers. The curve labeled S is the labor supply curve, and the curves labeled D1 and D2 are the labor demand curves. On the horizontal axis, L represents the quantity of labor in the market. 
-Refer to Figure 18-8. What is measured along the vertical axis on the graph?
Definitions:
Retail Inventory Method
An accounting procedure for estimating the value of a store's merchandise by using a percentage of the retail prices.
Cost-to-Retail Ratio
The cost-to-retail ratio is a calculation used in inventory management to estimate the value of ending inventory at retail prices by considering the cost and retail value of goods available for sale.
Estimated Cost
An approximation of the costs associated with a project or production, prior to actual expenditure.
Lower of Cost or Market (LCM)
Lower of Cost or Market (LCM) is an accounting principle requiring inventory to be recorded at the lower of its historical cost or current market value to reflect any decrease in the value of inventory.
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