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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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The adjust row amounts feature helps in creating Quick books accountant budgets as it makes updating budgets much faster and allows for consistency and easy use.

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The adjust row amounts feature helps in creating Quick books accountant budgets as it makes updating budgets much faster and allows for consistency and easy use.

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Explanation:

Thw above statement is true. Core self-evaluations (CSEs) is made up of positive individual traits which are self-efficacy, self-esteem, locus of control, and then emotional stability.

There individual traits are all vital in the accomplishment of a particular objective. Individuals that have high self-evaluations believe in themselves and are known to be effective.

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