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:

Cash Collections

The process of gathering all cash revenues and receipts by a company over a period of time.

Credit Sales

Sales made by a business that are to be paid for by the customer at a later date.

Cash Receipts

The total amount of cash collected by a business during a specific period, including payments from customers and other sources.

Budgeted Sales Data

Predictions or estimates of the sales, both in units and financial terms, that a company expects to achieve in a future period.