Jose Escobar Conducts a Survey of Salaries at ERL Enterprises

question 44

Multiple Choice

Jose Escobar conducts a survey of salaries at ERL Enterprises and finds that 50% of the workers fall below the market pay average of $32,000.In which quartile do the workers at ERL Enterprises fall?

• A)first
• B)second
• C)third
• D)fourth

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Definitions:

Least Costly Combination

An economic principle that firms use to minimize costs while combining different factors of production to produce a given output.

Maximizing Profits

The goal of businesses to make the highest possible profit, often by increasing revenue, reducing costs, or both.

MP

No standard definition available; it could refer to "Marginal Product" in economics, which is the extra output generated by adding one more unit of input.

Economic Profits

The extra income a business makes after accounting for all explicit and implicit costs, representing a return above the normal profit level.