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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.

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What is corporation management
jekas [21]

Answer: The process of leading.

Explanation: The process of leading, administrating and directing a company. Business tasks often performed by corporate management might include strategic planning, as well as managing company resources and applying them toward attaining the company's objectives.

4 0
3 years ago
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Quarry Corp. has the following costs related to a mine it acquired this year. Cost of land and natural resource rights $200,000
frozen [14]

Answer:

$375,000

Explanation:

The computation of the amount included in the natural resource is shown below:

= Cost of land & natural resource rights + cost of extraction during year + equipment used for mining + exploration & drilling cost

= $200,000 + $35,000 + $100,000 + $40,000

= $375,000

Hence, all the cost is inlcuded for natural resource except asset retirement obligation for restoring the land as this is not relevant so we ignored it

8 0
3 years ago
Houston pumps recently reported $185,250 of sales, $140,500 of operating costs other than depreciation, and $9,250 of depreciati
nignag [31]
<span>ANSWER: a
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3 0
3 years ago
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Prior period adjustments are reported in the: Multiple Choice Multiple-step income statement. Statement of cash flows. Single-st
beks73 [17]

Answer:

Statement of retained earnings.

Explanation:

The prior period adjustment refers to the adjustment in which there is an accounting error in the previous period and i.e to be reported in past year period but now it would be corrected in the financial statement. This adjustment we called prior period adjustment

Moreover, it should be reported in the statement of retained earnings

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3 0
3 years ago
You are writing a proposal to restructure your department's organizational chart. Your manager was a member of the committee tha
Bess [88]

Answer:

a. the purpose of this proposal is to show how we can reorganize our department to improve our efficiency while keeping intact the values that have allowed us to succeed to this point.

Explanation:

If you are writing a restructuring proposal, it means that you have mapped out points that can be improved in your department. However, the organizational structures of firms can rarely be changed drastically. What are usually applicable are the policies for improving processes, so that they become more and more efficient. This applies in general, but especially if you are going to propose changes to a structure that was designed by a superior of yours, who probably has more experience than you. Thus, you must present a restructuring project that identifies points to be improved, that proposes alternatives for improvement, but that maintains the values policy that was instituted by your manager. In this way, your manager will see your contribution as adding value to the structure and your work will be valued.

3 0
3 years ago
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