reduction in the total paid
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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.
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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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