Discrimination by Customers Creates a Wage Differential Between Two Groups

question 272

Multiple Choice

Discrimination by customers creates a wage differential between two groups by creating a difference in the two groups' perceived

• A) supply of labor.
• B) value of marginal product.
• C) marginal cost of labor.
• D) minimum wage.

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Definitions:

Weighted-average

A calculation that takes into account the varying degrees of importance of the numbers in a data set, giving weight to each number based on its significance.

Labor

The human effort, both physical and mental, used to produce goods or services, which is typically compensated by wages.

Equivalent Unit

A measure used in cost accounting to express the amount of work done on a product in terms of fully completed units.

First-in

This principle dictates that the earliest goods to be added to inventory are the first ones to be removed from it, commonly applied in financial and inventory management.