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olya-2409 [2.1K]
2 years ago
13

"Minimum wage laws cause unemployment because the legal minimum wage is set" 9) A) above the market wage, causing labor demand t

o be greater than labor supply. B) below the market wage, causing labor demand to be greater than labor supply. C) too low. D) below the market wage, causing labor demand to be less than labor supply. E) above the market wage, causing labor demand to be less than labor supply.
Business
1 answer:
Vitek1552 [10]2 years ago
5 0

Answer: E) above the market wage, causing labor demand to be less than labor supply.

Explanation:

Minimum wage simply refers to the lowest wage that employers can pay their workers. Minimum wage is a form of price floor which means that it's typically higher than the equilibrium or market wage.

In this case, since it's higher than the market wage, there'll be an increase in the supply of labor as those that are unemployed will be willing to work duw to the increase in the wage rate.

On the other hand, there'll be a reduction in the demand for labor as employers typically will want to reduce cost and won't be interested in employing more workers.

Therefore, the correct option is E

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3 years ago
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6 0
3 years ago
In 1931, President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 19
uranmaximum [27]

Answer:

B) $1,132,895

Explanation:

If the CPI = 15.2 in 1931, and in 2012 it was = 229.6, then President Hoover was making a fortune = (229.6 / 15.2) x $75,000 = $1,132,895, and he was a terrible president, one of the worst ones in all history.

In 2012 when President Obama was in office, he made around $400,000 and he was a much better president.

6 0
3 years ago
Heather Green usually buys Heinz Catsup because she likes its taste. But this morning her local grocery was surprisingly out of
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Answer:

a. preference

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So the preference is shifted to another product

Therefore option a is correct

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3 years ago
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