A Waitress Earns $2

question 79

Multiple Choice

A waitress earns $2.01 an hour plus her tips. If the waitress made $62 in tips and her total pay for the night was $71.45, how many hours did she work to the nearest tenth of an hour?

• A) 3.8 hours
• B) 3.4hours
• C) 4.9 hours
• D) 4.7 hours

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Definitions:

Long-Run Supply Curve

A graphical representation that shows how the quantity of goods supplied by an industry changes over time in response to changes in price, assuming that all inputs can be varied.

Increasing-Cost Industry

An industry in which the costs of production increase as the industry's output expands, typically due to resource limitations or increased demand for inputs.

Slope

A measure of the steepness or incline of a line, representing the rate at which y-values change for each unit increase in x-values.

Pure Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market.