Of the Canadians Working at or Below Minimum Wage, What

question 30

Multiple Choice

Of the Canadians working at or below minimum wage, what proportion work part-time?

• A)one-quarter
• B)one-third
• C)one-half
• D)two-thirds

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Definitions:

Total Cost

The market value of the inputs a firm uses in production.

Marginal Cost

The supplementary cost that comes with the creation of one more unit of a product or service.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, and free entry and exit, leading to price taking behavior.

Total Revenue

The total income received by a company or organization from its normal business activities, usually from the sale of goods and services to customers.