Table 28-7 Below Is Data About the Labor Market in the City

question 306

Multiple Choice

Table 28-7
Below is data about the labor market in the city of Productionville.
-Refer to Table 28-7. If the local government imposed a minimum wage of $5 in Productionville, how many people would be unemployed?

• A)0
• B)2,000
• C)3,000
• D)5,000

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Definitions:

Investment

The allocation of resources, usually money, in order to gain profitable returns as interest, income, or appreciation in value.

Workers

Individuals who perform tasks or jobs for pay, ranging from manual labor to professional occupations.

Units

In economics, units refer to the quantifiable measures used to express the quantity of an item, such as pieces, kilograms, liters, etc., used in transactions or production.

Total Cost

The complete cost of production, encompassing both fixed and variable costs, for a good or service.