If the minimum wage rate is higher than the equilibrium wage rate, fewer people will be hired because the cost of labor is too high. I agree.
Explanation:
- If the minimum wage is set above the equilibrium wage rate, it has powerful effects. The Labor Market and the Minimum Wage The equilibrium wage rate is $4 an hour. The minimum wage rate is set at $5 an hour. So the equilibrium wage rate is in the illegal region
- If the minimum wage is set below the equilibrium wage rate, it has no effect. The market works as if there were no minimum wage. If the minimum wage is set above the equilibrium wage rate, it has powerful effects.
- The equilibrium market wage rate is at the intersection of the supply and demand for labour. Employees are hired up to the point where the extra cost of hiring an employee is equal to the extra sales revenue from selling their output.
- When the labor market is in equilibrium, the economy is at full employment.
Answer:
The correct answer is C
Explanation:
Intrinsic goods are those goods which is defined as those in relation to the instrumental goods. In short those goods which is something worthwhile not only as it leads to something else but for own happiness or pleasure.
For classical utilitarians, the only moral obligation is to maximize the utility through happiness and pleasure.
Therefore, the intrinsic goods are the only pleasure and happiness for the classical utilitarians.
Answer:
wrap-around loan
Explanation:
Based on the scenario being described within the question it can be said that the type of loan being described is known as a wrap-around loan. This is a loan in which the initial home morgage amount is added to an incremental amount that when summed makes up the total amount that the house is being sold for and which the buyer will need to pay the seller in a given period of time. Which in this type of loan the lender provides the money for this payment.
