The Price of Labor Is Called

question 99

Multiple Choice

The price of labor is called:

• A) the wage.
• B) income.
• C) opportunity cost.
• D) the leisure trade-off.

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Definitions:

Accounts Receivable

Money owed to a company by its customers for products or services provided on credit.

Withdrawals

Money or assets taken out of a business by its owner(s) for personal use, not considered business expenses.

Fees Revenue

Income earned from providing services, as opposed to selling goods.

Accumulated Depreciation

The total amount of a tangible asset's cost that has been allocated to depreciation expense since the asset was put into use.