\[\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Hourly Wage } \\ \text { (dollars) } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Labor } \\ \text { Supplied } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Labor } \\ \text { Demanded } \end{array} \\ \hline \$ 7.50 & 530,000 & 650,000 \\ \hline 8.50 & 550,000 & 630,000 \\ \hline 9.50 & 570,000 & 610,000 \\ \hline 10.50 & 590,000 & 590,000 \\ \hline 11.50 & 610,000 & 570,000 \\ \hline 12.50 & 630,000 & 550,000 \\ \hline \end{array}\] Table 4-7 shows the demand and supply schedules for the labor market in the city of Pixley. -Refer to Table 4-7.If a minimum wage of $11.50 an hour is mandated,what is the quantity of labor demanded?

A) 40,000 B) 570,000 C) 610,000 D) 1,180,000 A) 40,000 B) 570,000 C) 610,000 D) 1,180,000

\[\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Hourly Wage } \\ \text { (dollars) } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Labor } \\ \text { Supplied } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Labor } \\ \text { Demanded } \end{array} \\ \hline \$ 7.50 & 530,000 & 650,000 \\ \hline 8.50 & 550,000 & 630,000 \\ \hline 9.50 & 570,000 & 610,000 \\ \hline 10.50 & 590,000 & 590,000 \\ \hline 11.50 & 610,000 & 570,000 \\ \hline 12.50 & 630,000 & 550,000 \\ \hline \end{array}\] Table 4-7 shows the demand and supply schedules for the labor market in the city of Pixley. -Refer to Table 4-7.If a minimum wage of $12.50 is mandated there will be a

A) shortage of 40,000 units of labor. B) surplus of 40,000 units of labor. C) shortage of 80,000 units of labor. D) surplus of 80,000 units of labor. A) shortage of 40,000 units of labor. B) surplus of 40,000 units of labor. C) shortage of 80,000 units of labor. D) surplus of 80,000 units of labor.

\[\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Hourly Wage } \\ \text { (dollars) } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Labor } \\ \text { Supplied } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Labor } \\ \text { Demanded } \end{array} \\ \hline \$ 8.00 & 350,000 & 390,000 \\ \hline 8.50 & 360,000 & 380,000 \\ \hline 9.00 & 370,000 & 370,000 \\ \hline 9.50 & 380,000 & 360,000 \\ \hline 10.00 & 390,000 & 350,000 \\ \hline 10.50 & 400,000 & 340,000 \\ \hline \end{array}\] Table 4-8 shows the demand and supply schedules for the low-skilled labor market in the city of Westover. -Refer to Table 4-8.If a minimum wage of $9.50 an hour is mandated,what is the quantity of labor demanded?

A) 380,000 B) 370,000 C) 360,000 D) 10,000 A) 380,000 B) 370,000 C) 360,000 D) 10,000

Table 4-5 \[\begin{array} { | l | l | } \hline \text { Consumer } & \text { Willingness to Pay } \\ \hline \text { Violet } & \$ 48 \\ \hline \text { Walter } & 40 \\ \hline \text { Xavier } & 30 \\ \hline \text { Yolanda } & 24 \\ \hline \text { Zachary } & 14 \\ \hline \end{array}\] -Refer to Table 4-5.The table above lists the highest prices five consumers are willing to pay for a concert ticket.If the price of one ticket falls from $50 to $20

A) only three tickets will be sold. B) consumer surplus decreases from $48 to $24. C) consumer surplus increases from $0 to $62. D) everyone will buy a ticket. A) only three tickets will be sold. B) consumer surplus decreases from $48 to $24. C) consumer surplus increases from $0 to $62. D) everyone will buy a ticket.

Table 4-12 \[\begin{array} { | l | l | } \hline \text { Demand } & \text { Supply } \\ \hline P = 50 - 2 Q ^ { \mathrm { D } } & P = 35 + Q ^ { \mathrm { S } } \\ \hline Q ^ { \mathrm { D } }= 25 - 0.5 P & Q ^ { \mathrm { S } } = P - 35 \\ \hline \end{array}\] -Refer to Table 4-12.The equations above describe the demand and supply for Bubba's Fried Jellybeans.What are the equilibrium price and quantity (in thousands)for Bubba's Fried Jellybeans?

A) $80 and 40 thousand B) $60 and 10 thousand C) $20 and 20 thousand D) $40 and 5 thousand A) $80 and 40 thousand B) $60 and 10 thousand C) $20 and 20 thousand D) $40 and 5 thousand

Table 4-1 \[\begin{array} { | l | c | } \hline \text { Consumer } & \text { Willingness to Pay } \\ \hline \text { Tom } & \$ 40 \\ \hline \text { Dick } & 30 \\ \hline \text { Harriet } & 25 \\ \hline \end{array}\] -Refer to Table 4-1.The table above lists the highest prices three consumers,Tom,Dick,and Harriet,are willing to pay for a short-sleeved polo shirt.If the price of the shirts falls from $28 to $20

A) consumer surplus increases from $14 to $35. B) Tom will buy two shirts;Dick and Harriet will each buy one shirt. C) consumer surplus will increase from $70 to $95. D) Harriet will receive more consumer surplus than Tom or Dick. A) consumer surplus increases from $14 to $35. B) Tom will buy two shirts;Dick and Harriet will each buy one shirt. C) consumer surplus will increase from $70 to $95. D) Harriet will receive more consumer surplus than Tom or Dick.