(Last Word) If the Minimum Wage in the Restaurant Industry

question 7

Multiple Choice

(Last Word) If the minimum wage in the restaurant industry increases over time, eventually we would expect

• A) the restaurant industry to expand as higher wages drive up demand.
• B) there to be fewer of all types of restaurants, but no change in the proportion of mom and pop restaurants relative to chain restaurants.
• C) the ratio of mom and pop restaurants to highly capitalized chain restaurants to increase.
• D) the ratio of highly capitalized chain restaurants to mom and pop restaurants to increase.

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Definitions:

Charts

Graphical representations of data, designed to visually compare different quantities, values, or items.

Histograms

Graphical representations of data distribution, showing the frequency of data points within specified intervals.

Polygons

Closed, two-dimensional shapes composed of straight lines, with a finite number of sides.

Profit Margin

A financial ratio representing the percentage of revenue that remains as profit after all expenses have been deducted.