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emmasim [6.3K]
2 years ago
13

Do you think that a price floor such as a minimum wage will result in a surplus of labor and hence unemployment?

Business
1 answer:
kow [346]2 years ago
7 0
<span>when the price floor of minimum wage is increased ,there will be lot of people to work for the current wages. now there will be a surplus of workers and less work compared to the workers. this will led to unemployment once again.</span>
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The answer is 14

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Answer:

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Explanation:

Given:

You own a building that has four possible uses: a cafe, a craft store, a hardware store, and a bookstore. The value of the building in each use is $2,000; $3,000; $4,000; and $5,000, respectively.You decide to open a hardware store.

<u>Question asked:</u>

The <u>opportunity cost of using this </u><u>building for a hardware store</u> ?

<u>Solution:</u>

As we know:

Opportunity\ cost =\frac{What\ you\ sacrifice}{What\ you\ gain} \\ \\

What you sacrifice = Value of a cafe + Value of a craft store + Value of a bookstore

                              = $2000 + $3000 + $5000 = $10,000

What you gain = Value of a hardware store

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Thus, the opportunity cost of using this building for a hardware store is $2.5

7 0
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