Answer:
Option A, “the substitution effect dominates the income effect” is correct.
Explanation:
If the real wage increases then the opportunity cost for leisure will also increase. Therefore, an increase in real wages and a rise in the opportunity cost of leisure induce labor to supply more workforce or labor force. This is known as the substitution effect. Moreover, when this substitution effect is greater than the income effect then the supply curve for labor is upward sloping.
Answer:
A) $3,612.50
Explanation:
There are 85 (= 100 - 15) customers willing to purchase concert tickets that will have some consumer surplus. The first 14 will not purchase the tickets since they value the concert less than $15 and the customer that values the concert at $15 wouldn't have any consumer surplus.
Consumer surplus is the difference between the amount of money a consumer is willing to pay for a good or service, and the actual price of the good or service. In this case consumer surplus goes from $1 to $85. Average consumer surplus = 1/2 x $85
We can calculate it by drawing a graph or by using the following equation:
average consumer surplus x number of consumers = (1/2 x $85) x (100 - 15) = $3,612.50
Answer: (D) Normative control
Explanation:
The normative control is refers to the process of governing the behavior and the values of the different types of standards and the norms. It basically handle all the financial, bureaucratic, financial and the quality related controls in an organization.
According to the given question, the normative control basically used by the JBC custom for the hiring process and the every applicant are carefully screen by an organization.
Therefore, Option (D) is correct answer.
Answer:
1. Stagflation.
2. $110;$110
Explanation:
Stagflation can be defined as a short-run economic outcome resulting from the increase in production costs.
Supposing the government decides not to take any action in response to the short-run economic impact of the higher oil prices. In the long run, when the government does nothing, the output in the economy will be $110billion and the price level will be $110.
Hence, resulting in an equilibrium price in the economy.
Answer:
A lot of businesses don't succeed due to money problems, or no customers.
Explanation: