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LenaWriter [7]
3 years ago
6

Assume that the labor market for retail workers is generally unskilled. If a minimum wage is set in the labor market for retail

workers and that this minimum wage is above the equilibrium wage in this particular labor market, then __________ . Select the correct answer below: there will be a shortage of retail workers in this labor market there will be a surplus of retail workers in this labor market. there will be a non-binding price floor there will be a non-effective minimum wage
Business
1 answer:
bazaltina [42]3 years ago
3 0

Answer:

there will be a surplus of retail workers in this labor market.

Explanation:

In the attached diagram the scenario is illustrated.

When the minimum wage is above the equilibrium wage it means that the minimum wage is above what employees are willing to pay workers. So employees will be less wiling to pay this amount.

There will be a reduction in the number of available slots for workers.

On the other hand workers will receive higher wage than they expected but since the slots for work are now limited there will be a surplus of labour in the market

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Market supply is found by Group of answer choices horizontally summing the relevant part of each individual producer's marginal
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Market supply is found by horizontally summing the relevant part of each individual producer's marginal cost curve.

  • As a result, the firm's supply curve for the output is represented by the marginal cost curve (MC); as the price of the output rises, the firm is prepared to produce and sell a bigger quantity.
  • The supply curve for the industry is created by combining the MC curves for each firm manufacturing the product.
  • Producers find it increasingly lucrative to raise the quantity they offer for sale as prices rise as a result of rising demand for a commodity; as a result, the supply curve will slope upward from left to right.

Is market supply curve horizontal or vertical?

  • On a graph, a market supply curve is depicted by the price of a good running vertically down one side and the quantity running horizontally down the other.
  • Given that a supply curve typically slopes upward to the right.

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2 years ago
Supply chain management:is based on the concept of just-in-timefocuses on removing scheduling bottlenecks within the companyfocu
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is based on the concept of just-in-time.

Explanation:

Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers.

Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services from the manufacturers to the consumers.

Additionally, all businesses tend to use supply chain management to eliminate waste and maximize value for growth and development.

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