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Q. Describe Wages and income?
Remember that by wage we characteristically mean what you receive for working one hour, whereas income is the total revenue from all sources over a longer time period (for instance a month). Your income relies on the wage though also on the number of hours you work. An individual may have a very high wage however a low income (say $1000 per hour though only working 1 hour per month) or a low wage however a high income (for instance by owning stocks or bonds). Don't confuse wage with income.
Determine the current productivity results for the non-farming business sector and the manufacturing sector. Discuss recent productivity and cost trends and make predictions for th
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Why might a perfectly competitive market firm be willing to run at a loss in the short run? The assumptions of a PCM firm should be outlined in order to end that the PCM firm i
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