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3 years ago

Which point on a graph shows minimum wage as the price floor

SAT

1 answer:

ruslelena [56]3 years ago

3 0

Answer:

For a price floor to be effective, the minimum price has to be higher than the equilibrium price. ... The most common example of a price floor is the minimum wage. This is the minimum price that employers can pay workers for their labor. The opposite of a price floor is a price ceiling.

Explanation:

A price floor or a minimum price is a regulatory tool used by the government. More specifically, it is defined as an intervention to raise market prices if the government feels the price is too low. In this case, since the new price is higher, the producers benefit. For a price floor to be effective, the minimum price has to be higher than the equilibrium price.

For example, many governments intervene by establishing price floors to ensure that farmers make enough money by guaranteeing a minimum price that their goods can be sold for. The most common example of a price floor is the minimum wage. This is the minimum price that employers can pay workers for their labor.

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3 years ago

Name and briefly define the quantitative methods of control brainly.

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2 years ago

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3 years ago

At a football game, the ratio of filled seats to empty seats was 7 to 3. The capacity of the stadium is 70,580. How many seats w

UkoKoshka [18]

The number of seats in the stadium that were filled for the game is equal to 49,406 seats.

Let the filled seats be F.

Let the empty seats be E.

<u>Given the following data:</u>

Stadium capacity = 70,580.

Ratio of F to E = 7:3

Total ratio= 7 + 3 = 10

To determine the number of seats in the stadium that were filled for the game:

Mathematically, the number of filled seats in the stadium is given by this expression:

$F = \frac{7}{10} \times 70580\\\\F=0.7 \times 70580$

F = 49,406 seats.

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2 years ago