Cliff Just Received a Raise to $18

question 361

Short Answer

Cliff just received a raise to $18.45 per hour from $18.00. What is the percent increase in his hourly rate?

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers.

Perfect Competitor

A theoretical market structure where many firms sell identical products, entry and exit are easy, and all firms are price takers.

Industry Demand Curve

A graphical representation of the quantity of goods that buyers in an industry are willing and able to purchase at various prices, holding other factors constant.

Individual Firm's Demand Curve

A graphical representation showing the quantity of a good that a single firm is willing and able to sell at different prices.