Minimum-Wage Laws Most Affect Which Types of Workers

question 377

Short Answer

Minimum-wage laws most affect which types of workers?

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Definitions:

Fixed Costs

Fixed costs are business expenses that remain constant regardless of the level of production or sales, such as rent or salaries.

Variable Cost

Costs that vary directly with the level of production or sales volume, such as raw materials and direct labor.

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.

Zero Salvage Value

An indication that an asset will have no residual value at the end of its useful life.