Answer:
they buy the product and the producers get paid.
Explanation:
that's it hope it helps
An example of a quantity restriction is an import quota. (Option B). See explanation for same below.
<h3>What is import quota?</h3>
Import quotat is a kind of restriction that is used to control the maount of goods that is allowed into a country.
Sometimes it is used to restrict the quality of goods whose consumption the government wants to discourage.
Hence, it is correct to state that an example of a quantity restriction is an import quota. (Option B).
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Answer:1. Fixed Cost
...2. Variable cost
3. Farmland.
Explanation:
Fixed cost remains fixed no matter the change in output eg cost of building, whereas a variable cost change as the level of output increase e.g raw material cost.
The land is example of fixed cost to a famer which does not vary with the level of output.
Answer:
Explanation:
The effect of this policy will lead to both the leftward shift in the labor demand curve and the higher minimum wage will
lead to an increase in the unemployment rate because once the minimum wage increases, firms will have to pay higher salaries and this will lead to higher costs and therefore firms will retrench employees