Nitin Earns $48,000 Per Year for a Forty-Hour Workweek

question 127

Multiple Choice

Nitin earns $48,000 per year for a forty-hour workweek. Determine his hourly rate of pay if he is paid biweekly. Assume there are 52 weeks in the year.

• A) $250.00
• B) $24.04
• C) $46.50
• D) $50.00
• E) $23.08

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Definitions:

Profit

The financial gain realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Competitive Industry

An industry where no single firm has a large market share and each firm must compete on price, quality, and innovation to attract customers.

Market Price

The existing rate at which a product or service is available for buying or selling within a marketplace.

Demand

Demand is the quantity of a good or service that consumers are willing and able to purchase at various prices within a given time frame, reflecting their desire and purchasing power.