The downward slope of a demand curve illustrates the pattern that as ________ decreases, _______

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

bazaltina [42]

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

3 0

3 years ago

Larance Detailing's cost formula for its materials and supplies is $1,910 per month plus $10 per vehicle. For the month of Novem

gladu [14]

Answer:

$2,420

Explanation:

Calculation to determine what The materials and supplies in the flexible budget for November would be closest to:

Using this formula

Cost = Fixed cost + (Variable cost per unit × q)

Let plug in the formula

Cost= $1,910 + $10 × 51

Cost= $2,420

Therefore The materials and supplies in the flexible budget for November would be closest to:$2,420

4 0

2 years ago

On December 20, 2017, Butanta Company (a U.S. company headquartered in Miami, Florida) sold parts to a foreign customer at a pri

rjkz [21]

Answer:

The appropriate solution is:

(a) $3150

(b) $4200

Explanation:

According to the question,

(a)

The exchange loss will be:

= $(1.20-1.17)\times 105000$

= $0.03\times 105000$

= $3150$ ($)

(b)

The exchange loss will be:

= $(1.17-1.13)\times 105000$

= $0.04\times 105000$

= $4200$ ($)

4 0

3 years ago

In the short run, a perfectly competitive firm should shut down whenever minimum average variable cost exceeds price minimum ave

Pepsi [2]

Answer:

A. minimum average variable cost exceeds price.

Explanation:

In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

Hence, a perfectly competitive market is characterized by the following features;

1. Perfect information.

2. No barriers, it is typically free.

3. Equilibrium price and quantity.

4. Many buyers and sellers.

5. Homogeneous products.

Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market

In the short run, a perfectly competitive firm should shut down whenever minimum average variable cost exceeds price.

However, the firms always strive to maximize profits by increasing their level of output, such that P = MC. Also, the firms wouldn't be willing to leave or enter into the market because they are not making any profit, such that P=AC.

6 0

3 years ago

joelle consumes food and clothing. for incomes near her current income, her income expansion path is negatively sloped. indicate

tekilochka [14]

Joelle consumes food and garb. for earning near her modern-day income, her earnings expansion direction is negatively sloped. <u>Increasing </u><u>much less of 1 god whilst profits growth implies consuming extra of the opposite three .at the least one proper must be every day.</u>

The term “profits” commonly refers to the quantity of money, property, and different transfers of price acquired over a set time period in change for products or services. there may be no unmarried, preferred definition: earnings are described consistent with the context in which the idea is used.

Three of the main varieties of profits are earned passive, and portfolio. Earned income consists of wages, salary, tips, and commissions. Passive or unearned earnings may want to come from condominium homes, royalties, and restricted partnerships. Portfolio or funding income includes interest, dividends, and capital gains on investments.

Learn more about capital investments here:-

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7 0

1 year ago

The downward slope of a demand curve illustrates the pattern that as ________ decreases, ________ increases.

The downward slope of a demand curve illustrates the pattern that as decreases, increases.