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coldgirl [10]
3 years ago
6

Suppose the equilibrium wage for fast food restaurant workers is $12 per hour. What does that mean?

Business
1 answer:
beks73 [17]3 years ago
4 0

Answer:

This means that the wage of $12 per hour is the wage in which labor supply (the workers) and labor demand (that is demanded by firms) meet and reach market equilibrium.

If the wage was raised, for example to $13 or $14 per hour, there would be an oversupply of fast food workers, leading to unemployment. And if the wage was lowered, for example to $12 or $11 per hour, there would be a higher demand for workers than the supply, leading to a labor shortage for some fast food restaurants.

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Choose all of the possible causes of structural unemployment
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Advertisements are implicit promises. That’s one reason you are so frustrated when you go to the store to buy an advertised pr
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True.

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3 years ago
Suppose the population of country ABC rises from 40 million to 44 million. If the country's Real GDP rises from $825 billion to
marshall27 [118]

Answer:

Option (C) is correct.

Explanation:

Given that,

Population rises from 40 million to 44 million

Country's Real GDP rises from $825 billion to $890 billion during this same period.

Therefore,

This country experiencing a absolute economic growth because of the rise in real GDP.

Initial per capita growth:

= Initial Real GDP ÷ Initial Population

= $825 ÷ 40 million

= $20.625

New per capita growth:

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= $20.227

Above calculations clearly shows that there is a decline in the per capita growth.

Hence, there is an absolute economic growth but not per-capita real.

8 0
3 years ago
Macroeconomic forces contribute to an industry's ability to be profitable. Which of the following examples shows how a company m
Elis [28]

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A home mortgage company creates a sales promotion with incentives for potential home buyers to take advantage of a particularly favourable interest rate.

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6 0
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It is said that in a perfectly competitive market, raising the price of a firm's product from the prevailing market price of $17
stich3 [128]

Answer:

could likely result in a notable loss of sales to competitors

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6 0
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