Given the Following Payroll Items You Are to Identify Whether

question 107

Essay

Given the following payroll items you are to identify whether they are the expense of the employer and/or the employee by placing an X in the appropriate column.
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Definitions:

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of that good by all firms in the industry.

Diminishing Returns

A principle stating that as one factor of production increases while others remain fixed, there will eventually be a decrease in the incremental output gained.

Normal Rate

A standard or usual level of financial return on investment or interest on loans.

Supply

The total amount of a product or service that is available to consumers at a given price over a specific period.