1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
garik1379 [7]
3 years ago
13

Someone says, "Even though the equilibrium wage rate is $8 an hour in the unskilled labor market, if we impose a minimum wage of

$10 an hour, no one currently working will lose his or her job." This person must believe that the Group of answer choices demand curve for unskilled labor is vertical.

Business
2 answers:
GenaCL600 [577]3 years ago
5 0

Answer:

demand curve for unskilled labor is vertical.

Explanation:

A vertical demand curve represents a perfectly inelastic demand, which means that no matter what the price of a product or service is, the quantity demanded will always be the same. Theoretically, if this economist as correct, you could a set a minimum hourly wage at $5,000, $50,000 or whatever ridiculous number you might, and the quantity demanded wouldn't change.

You have to remember that this is basically theoretical, in real life no product has a perfectly inelastic demand. In real life, a raise in the minimum wage will always increase unemployment.

balandron [24]3 years ago
4 0

Answer:

a) The demand curve for unskilled labor is vertical.

Explanation:

Someone says, "Even though the equilibrium wage rate is $8 an hour in the unskilled labor market, if we impose a minimum wage of $10 an hour, no one currently working will lose his or her job." This person must believe that the Group of answer choices demand curve for unskilled labor is vertical.

Response to prices depend on the elasticity of demand because elasticity of demand relates to how quantity demanded will fall as a result of increase in price or in this case wage rate.

A vertical demand curve is a pictorial demonstration of a perfectly inelastic demand which means that no matter how much to you increase the price no change will occur in quantity demanded as such a good is most essential to the consumers.

Therefore if the demand for labor is perfectly inelastic, it means nobody will be laid off with increase in wage rate as firms will not change their quantity demanded for labor.

You might be interested in
When a bond is sold at a​ discount, the maturity value is less than the present value of the principal and interest​ payments, b
sweet [91]

Answer:

given statement is False

Explanation:

solution

As given bond sold at the​ discount

maturity value less than present value

but maturity value can not be less than present value of principal and interest

because bond sold at the​ discount

if bond sold at the​ discount  than maturity value will be greater than the resent value of future cash​ flow

so we can say that given statement is False

5 0
3 years ago
Sometimes there is a backlash from employees regarding mandatory diversity training. One possible solution that has some researc
natta225 [31]

Answer:

Option C

Explanation:

In simple words, the basic solution to create and maintain healthy diverse environment throughout the organisation is to create a culture that encourage employees to accept each others differences.

Creating such culture will help the trainer to implement the training procedures. Such activities and decisions will lead to less conflicts and more positive results.

7 0
3 years ago
Darren has borrowed $100$ clams from ethan at a $10\%$ simple daily interest. meanwhile, fergie has borrowed $150$ clams from ge
Oxana [17]

Answer:

20

Explanation:

start doing math

7 0
2 years ago
What is meant by taking the stand? Choose all that apply.
amm1812
I think it’s 3 and 4 as the answer.
8 0
3 years ago
Read 2 more answers
During a sales meeting, you use the Google Trends tool to show insights and link back to what the client said about hiring someo
IRISSAK [1]

Answer:

The correct answer is "It explicates to the client that the solution is truly personalized  "

Explanation:

The client immediately will be satisfied and he will feel that he selected the right place; this is the propose of the seller and his company.

4 0
2 years ago
Other questions:
  • A and B are married and own property as tenants by the entirety. The property is worth $500,000. A incurs a debt of $100,000 and
    11·1 answer
  • An improvement made to a machine increased its fair value and its production ca capacity by 25% without extending the machine's
    8·1 answer
  • Gasoline prices increase by 50 percent and other things remain the same. as a result, there is no change in the quantity of gaso
    12·2 answers
  • Company utilizes the LIFO retail inventory method. Its cost-to-retail percentage is 60% based on beginning inventory and 64% bas
    7·1 answer
  • Where does the united states stand as a participant in internatinal trade
    5·1 answer
  • When the price of penguin patties decreases by 5%, the quantity of flopsicles sold increases by 4% and the quantity of mookies s
    11·1 answer
  • In the circular flow of funds, what is the role of banks?
    10·1 answer
  • Define debt economics.​
    9·1 answer
  • Assume that Amazon has a stock-option plan for top management. Each stock option represents the right to purchase a share of Ama
    7·1 answer
  • The different types of information systems that have been developed to support certain aspects and types of decisions are collec
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!