-In the figure above,if the minimum wage rate is $8 per hour,then after taking account of resources lost in job search,the workers' surplus is the area ________ and the firms' surplus is the area ________.
Definitions:
Cost of Goods Sold
The specific costs incurred in the production of a company's sold merchandise.
Gross Margin Ratio
A measure of a company's financial health, calculated as gross profit divided by net sales, showing the percentage of sales revenue that exceeds the cost of goods sold.
Perpetual Inventory System
An inventory management method that records the sale or purchase of inventory immediately through electronic tracking.
Gross Method
An accounting approach for recording purchases at the gross invoice amount before any trade discounts are taken.
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