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Explain why each of the following businesses would have an incentive to pay the efficiency wage.
(A) A garten service that awn frve tucks that it sends to hauseholds wha purchase the service
(B) A fast-fadd restaurant
(C) A warehause that uses a camplicated camputer system to track its inventary
Price Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicative of the product's sensitivity to price changes.
Availability of Substitutes
The presence of alternative goods or services that consumers can switch to when prices rise or quality decreases, affecting market demand and competition.
Bus Service
A public or private system offering regular travel on established routes by buses for the transportation of individuals.
Bus Fares
The charges levied for traveling on a bus, typically based on the distance or zones traveled.
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