Examlex
Which of the following types of business organization have limited liability? I. proprietorship
II) partnership
III) corporation
Minimum Wage Law
Legislation that sets the lowest hourly wage rate that employers can legally pay their workers.
Price
The amount of money expected, required, or given in payment for something. It serves as a signal between buyers and sellers in a market.
Labor
The human effort, both physical and mental, used in the production of goods and services.
Substitution Effect
The change in quantity demanded of a good or service as consumers switch to or from substitutes when the price changes.
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