Examlex
States are allowed to enact minimum wage laws that set minimum wages higher than the federal level.
Profit
The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
Profit-Maximizes
A strategy or behavior adopted by firms aiming to achieve the highest possible profit given their resources and market conditions.
Price
The fee anticipated, needed, or handed over as payment for a service or product.
Average Cost Price
The mean cost per unit of production, calculated by dividing total costs by total output.
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