An Increase in Labour Participation Rate Will Lead to

question 104

Multiple Choice

An increase in labour participation rate will lead to

• A)a right shift in labour supply.
• B)a left shift in labour supply.
• C)a right shift in labour demand.
• D)a left shift in labour demand.

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Definitions:

Contribution Margin

The amount by which the sale of a product exceeds its variable costs, indicating how much contributes to covering fixed costs and generating profit.

Manufacturing Overhead

All the indirect costs associated with producing goods, such as utilities, maintenance, and factory management salaries, not directly attributable to a specific product.

Standard Cost

A predetermined cost of manufacturing, selling, or doing anything, which serves as a benchmark against actual costs.

Milling Machine Minutes

A measurement of manufacturing time that quantifies the duration a milling machine is used in the production process.