Answer:
The equilibrium hourly wage is the wage where the curve of supply of labor intersects with that of the demand for labor. The same goes for the equilibrium quantity of labor.
The equilibrium hourly wage is <u>$10</u>, and the equilibrium quantity of labor is <u>450 thousand workers</u>.
If a Senator introduces a minimum hourly wage, this is considered a <u>Price Floor. </u>
Price floors are prices that that the government mandates that one cannot charge below for a good or service. If there is a price floor on cake for instance, a person is not allowed to charge less than that price floor for cake. The Senator's bill is therefore saying that people should not be paid less than $6 an hour.
The best description of the definition given above is Related diversification because it entails when a firm enters a different business in which it can benefit from leveraging core competencies, sharing activities, or building market power.
<h3>What is Related diversification?</h3>
Related diversification refer to a situation when a firm change into another new industry that is very similar with the firm's existing industry or industries
The benefit of related diversification is it allow the sharing of related resources and ensures profit of real diversification.
Therefore, Related diversification is when a firm enters a different business in which it can benefit from leveraging core competencies, sharing activities, or building market power.
Learn more on diversification from the link below.
brainly.com/question/417234
Answer:
The main functions of the ECA include the study of problems of the economic and social development of the African countries, the promotion of the economic development of the African states, and the strengthening of their economic relations both with one another and with other countries.
