Answer:
d. increases the earnings of some low-skill workers while reducing the employment and training opportunities available to others.
Explanation:
Minimum wage is a form of price floor. It is the lowest amount that should be paid to labour for their services rendered. It is usually set by the government or an agency of government.
Minimum wage causes supply of Labour to exceed demand for Labour. Firms would demand less of Labour because of higher cost of Labour. Decreased demand for Labour would increase unemployment.
Minimum wage isn't a price ceiling but a price floor.
Minimum wage increases the income of Labour.
Answer:
Option (A) is correct.
Explanation:
The average fixed cost is determined by dividing the total fixed cost by number of units produced.
Given that,
Fixed cost = $24
The average fixed cost of producing 3 units of output is:
= Total Fixed cost ÷ Number of units produced
= $24 ÷ 3
= 8
Therefore, the average fixed cost of producing 3 units of output is $8.00.
Joe is a new broker. He will be required to reconcile his escrow account monthly.
<h3>
Who is a broker?</h3>
- In order to earn a commission after the trade is completed, brokers organize transactions between buyers and sellers.
- Brokers that take on dual roles as buyers or sellers are considered primary parties to the transaction.
- Neither function should be mistaken with that of an agent, who represents the principal party in a transaction.
- An impartial party whose services are often used in several businesses is a broker.
- The main duty of a broker is to connect buyers and sellers; as a result, the broker acts as a neutral intermediary between a buyer and a seller.
- A real estate or stockbroker who helps in the sale of a property would be an example.
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To remain efficient and effective, the workflow must follow a certain process flow chart within each department's function.
This is because a process flow chart is a pictorial representation of how each step of a process will be carried out one after the other.
Each step is represented with the actions to be carried out, including the decision.
Usually, a process flow chart is depicted with a shape and line arrow to show the direction from one step to another.
Hence, in this case, it is concluded that to remain efficient and effective, the workflow must follow a certain process flow chart within each department's function.
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Answer:
The ability of sellers to change the amount of the good they produce.
Explanation:
Price elasticity of supply: It is an economic measure to check the responsiveness of quantity supplied to the change of price. As per the law of supply, the supply of quantity increases with the increase in the price of goods and services and vice versa. The numerical value of elasticity indicates how is the response of quantity supplied to the price of the product. As zero indicates no response to the change in price and 1 indicate a higher response to the price of the product.
The key determinant of the price elasticity of supply is how well the seller is able to change the quantity supplied as per the price in the market.
