Question: 5.Why are the minimum wage laws needed? 6.How would the demand for gasoline be affected, if there is a drop in its price? 7.What happens

5.Why are the minimum wage laws needed?

6.How would the demand for gasoline be affected, if there is a drop in its price?

7.What happens when a business's costs are more than its

revenue?

Explain the difference between the implicit and explicit costs.

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