A typical firm allocates a certain amount of money for payroll to cover labor. What could be the firm’s response to an increase in minimum wage? hire more workers and lower their prices

hire fewer workers and lower their prices

lay off some workers and increase prices

lay off all workers and go out of business

it seems that you are also taking your economy exam, because I am too

Explanation:

the answer would be to lay off some workers and increase price, the business would want to make money not lose any and the other options involve losing money, I hope you did well on your test

spontaneous recovery

rewrite 3 ( 4   1 /5 ) as 3 ( 4 +   1 /5 ) . distribute the 3 to get 3(4) + 3 (   1 /5) . multiply to get 12 +   3 /5 . then add to get 12   3 /5   .