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A local example of changes in economy and culture is the case of the Lower Nicola Indian Band in Merritt, BC Canada. In the town of Merritt, it is very A obvious that the First Nations people are in the mainstream of the local society as they are seen everywhere, ie working at McDonald's and at the local 7-11 for example. In the past it would have been mostly white people in these jobs. Also, at an Open House of the above Indian Band inviting all consultants and people with industrial activity on their land, they had a booth for their members who work at preserving their culture and traditional language.
On a global scale, in Latinamerica in the last 20 years there has been a revolution in the type of governments that the people have won in countries like Venezuela, Ecuador, Bolivia, El Salvador and Nicaragua for example. These governments control the economy to benefit primarily the vast majority of the poor people and help lift them out of poverty. Culturally, they show reverence for their heroes of the past like Simon Bolivar in Venezuela, for example.
Answer:
(B) Demand for XYZ’s Corn = Horizontal ; XYZ’s Labor Demand = Downward Sloping
Explanation:
If Firm XYZ produces and sells corn in a perfectly competitive market and hires its workers in a perfectly competitive labor market, the statement that best describes the demand curve for XYZ's corn and XYZ's demand curve for labor is: Demand for XYZ’s Corn = Horizontal ; XYZ’s Labor Demand = Downward Sloping.
In a perfectly competitive market for commodities, <u>the demand curve is horizontal because demand is equal to average revenue and is also equal to marginal revenue.</u>
However in the perfectly competitive labor market, the case is different because the wage rate is set by the industry not just one firm, and demand for factors of production such as labor has an inverse relationship with the wage rate.
Furthermore, the law diminishing returns affects the demand for labor because as the firm adds more and more worers, the marginal productivity of each will decline. H<u>ence MP (marginal productivity) is less than AP (average productivity) which leads to a downward sloping demand curve</u>
