The Above Graphs Represent the Demand for Tea Tasters for Firm

question 71

Multiple Choice

The above graphs represent the demand for tea tasters for Firm A and Firm B.These firms are the only ones that employ labour in this particular occupation.
-Refer to the graphs above.If the wage rate in this labour market is $3 per hour,then the total quantity of labour demanded is __________ person-hours per day.

• A) 10
• B) 20
• C) 30
• D) 40
• E) 80

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Definitions:

Rent Expense

The cost incurred by a company to lease property or equipment for business operations, reported as an operating expense.

Unearned Revenues

Money received by a company for a product or service that has yet to be delivered or performed.

Liabilities

Financial obligations or debts owed by a company to creditors, expected to be paid in the future.

Balance Sheet

A detailed statement that captures a business's assets, liabilities, and shareholder equity as of a specific date.