The figure above shows supply and demand in the market for labor. The government introduces a minimum wage of $7 per hour.
-In the figure above,the number of unemployed workers is
Definitions:
Accelerated Depreciation
A method of depreciation in which an asset loses book value at a faster rate than the traditional straight-line method over its useful life.
Useful Life
The expected time period over which an asset is useful to the owner.
Double-declining-balance
An accelerated method of depreciation which double the rate of normal depreciation, reducing the value of assets more quickly.
Depreciation Expense
The yearly allocation of the cost of an asset over its useful life, reflecting the asset's usage and wear and tear over time.
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