-Refer to Table 5-4

question 87

Multiple Choice

-Refer to Table 5-4. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labour demanded?

• A) 80 000
• B) 550 000
• C) 630 000
• D) 1 180 000

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Definitions:

Transportation Costs

These are expenses incurred in moving goods or materials from one location to another, including fuel, labor, and maintenance costs.

Fixed Cost

Expenses that do not change with the level of goods or services produced over a short period, such as rent or salaries.

Attractive Location

A site or place deemed desirable for setting up businesses or operations due to factors such as low costs, strategic position, or access to resources.

Fixed Cost

Expenses that do not change with the level of goods or services produced, such as rent, salaries, or loan payments.