The figures given below show the demand (D) and supply (S) curves of labor in two different markets.Figure 16.3
-The ratio of the median income of college-to high school-educated workers is called the _____.
Definitions:
Variable
An element, feature, or factor that is liable to vary or change; used in statistical analysis and experiments.
Output
The total amount of goods and services produced by an economy or a production process.
AFC
Average Fixed Cost (AFC) is the fixed costs of production (such as rent, salaries, machinery) divided by the quantity of output produced.
Fixed Costs
Costs that remain constant regardless of the level of production or output, such as rent, salaries, and loan repayments.
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