An Increase in the Wages Paid to Fishermen Will Have

question 95

Multiple Choice

An increase in the wages paid to fishermen will have what effect on the fish market equilibrium?

• A) Price will decrease, and quantity will decrease.
• B) Price will increase, and quantity will increase.
• C) Price will decrease, and quantity will increase.
• D) Price will increase, and quantity will decrease.

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Definitions:

Direct Materials

Ingredients that are specifically identifiable in the creation of a certain product.

Direct Labor-Hours

The broad sum of hours dedicated by workers directly in the manufacturing workflow.

Variable Overhead

Indirect production costs that vary with the level of output, such as utilities for a manufacturing plant.

Direct Materials

Raw materials that can be directly attributed to the production of finished goods.