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75. What is the reduction in the total paid to all factors (labor plus other factors) due to paying a minimum wage of $5?

A) 35 billion dollars
B) 10 billion dollars
C) 4 billion dollars
D) 9 billion dollars
a) 5 billion dollars

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Solution Summary

The reduction in the total paid is solved. The total paid reduction are given.

Solution Preview

Initially, in question 74, you had to find the total wage paid to workers at a minimum wage of $5. To do this, you multiply hours (in billions) by the wage (in dollars). In this question, the process is not much more complicated. The confusing issue is that of 'other factors'. ...

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