List the Internal and External Factors That Affect the Wage

question 64

Essay

List the internal and external factors that affect the wage rates of employees.

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Definitions:

Long Run

A period in economics in which all factors of production and costs are variable, allowing for full adjustment to change.

Marginal Cost

The increase in total cost that arises from an extra unit of production.

Total Revenues

Total Revenues refer to the total receipts from sales of goods or services by a company before any expenses are subtracted.

Fixed Costs

These stay the same no matter how much output changes.