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UI Post-UTME Commerce 2024 Question 2

Question 2

Production

The price paid for labour services is called

  1. A.Commission rate
  2. B.Profit
  3. C.Rent
  4. D.Interest
  5. E.Salary and wages
Show the answer and explanation

Answer: E (Salary and wages)

Explanation

Labour is rewarded with wages and salaries; rent, interest and profit reward land, capital and the entrepreneur.