When a fast-food chain responds to environmental concerns by eliminating Styrofoam containers, it shows a desire to be a Free enterprise
Option C is correct.
What Is Free Business?An economy in which prices, goods, and services are decided by the market rather than the government is referred to as free enterprise or the free market. The government has no control over services and businesses.
How significant is free enterprise?People are able to do what they are good at and trade for other things thanks to free enterprise. Free enterprise thrives on competition, which drives down costs for customers and improves efficiency. A higher standard of living is achieved in nations that adhere to the principles of the free market.
Question incomplete:When a fast-food chain responds to environmental concerns by eliminating Styrofoam containers, it shows a desire to be a ______.
a. resource manager
b. free enterprise producer
c. good corporate citizen
d. consumer advocate
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Which of the following are included in the four major growth strategies?
(check all that apply.) multiple select question.
O Market development
O Market analysis
O Product development
O Market penetration
c. Product development . he following are included in the four major growth strategies A growth strategy is an organization's plan for overcoming existing and future problems.
in order to achieve its expansion goals. Increasing market share and revenue, acquiring assets, and upgrading the organization's goods or services are all examples of growth strategy aims. These are the following: Product, Placement, Promotion, and Price. Whereas the Four Ps focus on audiences, channels, and price, the Ansoff Matrix provides a more comprehensive perspective of markets and employs the older Four P framework inside each of the four Ansoff quadrants. Organic growth is comprised of four primary strategies. Market penetration, market development, product development, and diversification are examples of these tactics. Market Expansion: This approach entails selling more of a company's current products or services to its existing client base.
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If Massimports and Co needs Argentine Peso to purchase 1 million pesos worth of leather goods from Argentina, given an exchange rate of $1 = 20 Argentine Peso, it will need to exchange _______ on the foreign exchange market. $20 million $200,000 $50,000
Argentine pesos are worth 3 Canadian dollars. The Canadian dollar's exchange rate in terms of the Argentine peso.
The term "conversion" is most frequently used in foreign exchange markets to refer to the ratio between two currencies. It demonstrates how much of one currency is required to swap for another's worth in that currency. Given the previous, allow: Rate of the Canadian Dollar to the Argentine Peso is given as CAD/ARS. The rate of the Canadian Dollar in US Dollars is $0.90. The Argentine peso is now worth $0.30 in US dollars. Here, because the US dollar serves as both the Canadian dollar's and the Argentine peso's common variable currency (i.e., the currency whose amount can change for one unit of another currency), the Canadian dollar's exchange rate in terms of the Argentine peso is given by: CAD/ARS is equal to (CAD/USD) / (ARS/USD). CAD/ARS equals $0.9/$0.03 ARS/CAD = 3.
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A complete ban on trade with another country or a prohibition on trading specific types of products, services, or technology to another country called
An embargo is the partial or total prohibition of trade and commerce with a particular country/state or a group of countries.
Briefing:-The term "embargo" is derived from the Spanish word "embargo," which means hindrance, obstruction, etc. in a general sense, "trading ban" in trade terminology, and literally "distraint" in legal parlance.
What does a total prohibition on trading entail?Trade restrictions known as embargos are frequently used as economic sanctions by governments, groups of nations, or international organizations. Embargoes can prevent all trade or just some types of it, such imports of weapons.
Which trade restriction forbids or restricts trade between nations?Embargoes. Embargoes are situations in which one or more nations formally prohibit the commerce with another nation of certain commodities and services. This action may be taken by governments to further particular political or economic objectives.
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(select all that apply) based on the text, what tools do ecologists use to study the environment? vegetation maps transit studies quadrat studies information from satellites topographic maps
Based on the text, the tools that ecologists use to study the environment are vegetation maps, transit studies, quadrat studies, information from satellites, and topographic maps. The correct options are a, b, c, d, and e.
The tools that ecologists use to study the environment are vegetation maps, transit studies, quadrat studies, information from satellites, and topographic maps. Ecologists investigate the interactions between plants, animals, and the environment.
A vegetation map is essential information for every land management, regardless of whether the property is managed for agriculture, forestry, or recreation, and it is important to almost every issue a land manager faces. It is used by an ecologist, in the same way the ecologist use transit studies, quadrat studies etc to study the environment.
Therefore it can be said that ecologists use to study the environment are vegetation maps, transit studies, quadrat studies, information from satellites, and topographic maps.
Thus the correct options are a, b, c, d, and e.
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Econometric studies show a hump-shaped relationship between income levels and pollution levels. Which of these statements reflects that relationship?
A) As an economy grows and income levels rise, initially pollution levels also rise.
B) Decreasing income levels lead to an increase in pollution levels.
C) As an economy grows, pollution levels show a constant increase.
D) Economies that are in turmoil reflect pollution levels that are diminishing.
E) Income levels do not have any correlation with pollution levels.
Is reflective of the relationship Initial increases in pollution levels coincide with economic growth and income levels.
Explain about the pollution levels?Despite increases in airborne levels of particles, carbon monoxide, and fire-related pollutants, national average air quality concentrations remain below the established national criteria.
The Air Quality Index, or AQI, is used to assess the quality of the air. The AQI functions somewhat like a thermometer with a range of 0 to 500 degrees. The AQI, on the other hand, is a technique of displaying variations in the amount of pollution in the air rather than temperature changes.
AQI values between 0 and 50 are considered "good." Air pollution poses little to no risk, and the quality of the air is regarded as adequate. AQI 51–100 is considered to be "moderate." The quality of the air is satisfactory, however a very tiny number of people may have a moderate health concern from some pollutants.
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One explanation for the downward slope of the aggregate demand curve is that when the price level increases, which of the following will decrease?(a) real value of assets (wealth)(b) prices of foreign goods(c) prices of substitute goods(d) expectations of future prices(e) government deficit
One explanation for the downward slope of the aggregate demand curve is that when the price level increases, the following will decrease real value of assets (wealth).
How does the aggregate demand curve's descending slope make sense?The aggregate demand curve displays the sum of consumption, investment, government purchases, and net exports at each price level for any given period. It slopes down because to the effects of wealth on consumption, interest rates on investment, and net exports on global commerce.
What among the following reasons why the aggregate demand curve slopes downward as the price level rises?If prices rise, we feel poorer and buy fewer things, hence option an is the correct response. Explanation: As a result of the law of demand's existence, the demand curve slopes downward. It claims that the relationship between a good's price and the quantity that consumers desire from it is inverse.
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the cash payment of a $1,090 account payable was posted as a debit to accounts payable and a debit to cash for $1,090.
The trial balance will not match if there’s a distinct difference between the amount posted in debit and the one posted in credit.
The $3,250 purchase of office goods on account was reported incorrectly in the journal as $2,350 debit to Office Supplies and $2,350 credit to Accounts Payable. A trial balance is a secretary worksheet in which the balances of all checks are collected into debit and credit regard column summations that are equal. A company prepares a trial balance periodically, generally at the end of every reporting period. The general purpose of producing a trial balance is to insure that the entries in a company’s secretary system are mathematically correct. A trial balance is frequently the first step in an inspection procedure, because it allows adjudicators to make sure there are no fine crimes in the secretary system before moving on to more complex and detailed analyses.
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Discus the difference and similarities between Share capital, Term loans, Bonds, Deferred credit, Incentive sources, and Miscellaneous sources. Elaborate them with enough example based on our country Ethiopia.
Two methods of borrowing money for a business are share capital and loan capital. Debentures, the mortgage of business assets, unsecured loans, overdrafts, and bills of exchange are examples of borrowing by loan capital. The value of the corporation is indicated by its share capital.
What are the similarities and differences between equity and debt?
Debt is a financial term that describes sources of funds that are obtained through loans that demand interest payments. Being a lender's creditor in this way is a manner of becoming one.
Equity, on the other hand, refers to a method of financing a business venture through the issuance of company shares, with shareholders receiving dividends in exchange for their investment.
What distinguishes stock ownership from that of capital?
In contrast to shares, which are a partition of capital or equity, equity is capital invested by owners in the company.
It refers to the overall value of the business, whereas share refers to the amount of a contributor's investment in the enterprise.
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Which of the following are good sources of information to help you assess the outcome of the tablet rollout project? select all that apply.
- customer satisfacton survey data
- feedback from the project retrospective review
- data reports generated by the tablet software
- guest comments overheard by a member of the waitstaff
Option 1st, 2nd and 3rd are correct. Customer satisfaction survey data, Feedback from retroactive project reviews, Data report generated by tablet software.
Developed by the Project Management Institute (PMI), his five phases of project management include conception and initiation, project planning, project execution, execution/monitoring, and project completion. The three main parts of a project plan are scope, budget, and schedule.
A typical project plan consists of: Statement of work, list of resources, work breakdown structure, project schedule, and risk plan. A well-written project plan is one of the key success factors for any project.
The project manager's job at this stage of the project management lifecycle is to keep work on track, organize her team members, manage schedules, and ensure work is completed according to the original plan.
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which of the following occurs when one consumer sells directly to another consumer, such as in an online auction?
When a customer sells directly to another, as in an online auction, this is known as e-commerce.
How and why is e-commerce used?With the use of e-commerce, clients can select any good or service from any vendor, anywhere in the globe. As opposed to physical stores, you have a far greater selection. It is also priceless to have the flexibility to browse without being rushed or under pressure.
What is e-commerce and what advantages does it have?The electronic purchasing and selling of goods over the internet is known as e-commerce. Internet marketing, electronic payments transfers, and mobile commerce are just a few of the many advantages of doing business online that make it so popular.
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(figure 75-5: model of a competitive market) if there are external costs, a tax imposed on sellers will:
If there are external expenses, a tax levied on sellers will: reduce the equilibrium quantity, according to the figure Model of a Competitive Market.
Which of the following best describes an action that produces a negative externality?If an activity causes costs (damage or discomfort) for others who are not involved, it is considered to have a negative externality. Examples of harmful externalities Air pollution that harms people's health is produced by factories and automobiles. All vehicles slow down as a result of autos approaching congested freeways, which costs other drivers time.
What level of pollution is most beneficial to society?From an economic perspective, the last unit of pollution's marginal benefit must exactly equal its marginal cost for there to be no socially detrimental amount of pollution. The net advantages to society at this level are
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assume you are heidi ganahl, ceo and founder of camp bow wow, and you are intending to expand your brand to new global locations. if you are expanding into a country that values autonomous leadership, which of the following behaviors is most in line with that perspective? you provide compassionate support when an employee is having difficulty with family issues. you improve safety in the work environment. you involve all employees in all decisions, ensuring that everyone participates in the decision making process. you allow employees to independently implement action plans without the need for approval.
One will provide compassionate support when an employee is having difficulty with family.
Employment is a two-person partnership that oversees the supply of paid employment services. One of the parties, the employer, which can be a corporation, a charity, a cooperative, or any other type of organization, pays the other party, the employee, in accordance with the terms of the contract in exchange for executing the task allocated to them.
Employees labor for pay, which can be in the form of hourly wages, piece rates, or yearly earnings, depending on the nature of the job performed, industry circumstances, and the parties' negotiating strength.
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T/F : the infant industry argument relies on an assumption that firms can make efficient long-term investments by borrowing money from the domestic or international capital market.
The infant industry argument relies on an assumption that firms can make efficient long-term investments by borrowing money from the domestic or international capital market is false.
The infant industry argument is challenged because it is predicated on the idea that businesses are unable to generate profitable long-term investments through the utilisation of local or foreign capital markets. An infant industry is one that is brand-new, in the early phases of growth, and hence unable to compete with well-established industrial rivals. The baby industry argument is a well-known thesis in international commerce and contends that young sectors must be shielded from foreign rivals until they are mature, stable, and prepared to compete.
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___________ are a way for a business to raise capital through federally registered and underwritten sales of shares in the company.a. Venture capital funds b. IPOsc. Skunkworksd. Bootleggings
Out of the choices that have been given above, it can be stated to conclude that the IPOs are a way for a business to raise capital through federally registered and underwritten sales of shares in the company. Therefore, the option B holds true.
The IPO, or an Initial Public Offer, can be generally interpreted as the process of offering the shares of a company to the public for subscribing at an offer price having a particular lot size. The IPOs are offered on exchanges and are beneficial for the listing of a company's stock on the securities exchange.
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When an exterminator is hired to rid a home of termites and fails to do so, extensive damage is done by the insects to the home's deck. The exterminator is required to pay for the necessary repairs.
This is an example of which type of monetary award?
a.) Consequential damages
b.) Nominal damages
c.) Punitive damages
d.) Incidental damages
The exterminator is required to pay for the necessary repairs. This is an example of a consequential damages type of monetary award. So option a. is the correct option.
Consequential damages, otherwise comprehended as civil damages, are damages resulting from the negligence of one party to honor a contractual agreement. The consequential damages description is about consequential damages normally resulting from a violation of contract issues. Consequential damages strive in civil courts over issues of breach of contract. Consequential damages comprise losses that result from arbitrary or indirect losses that result from incidental or indirect outcomes of breach of contract.
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The Gillette Company is known for producing innovative products. The company’s willingness to conduct consumer research and obtain information on what customers want in a shaving product has allowed it to continually hold a first-mover advantage. The following is a list of innovative shaving products introduced by Gillette:
Product Year Produced
Safety razor 1901
Twin-bladed razor 1972
Twin-bladed disposable razor 1976
Pivoting-head razor 1979
Pivoting-head disposable razor 1980
Razor designed specifically for women 1992
Triple-blade razor 1998
Battery-powered razor 2004
Since the Gillette Company had the first-mover advantage in successfully producing the products listed in the case study, which of the following is true?
A. No other company successfully produced a pivoting-head razor before 1979.
B. Other companies successfully produced a triple-blade razor before 1998, but Gillette had a better marketing department.
C. Gillette Company bought the patent for the battery-powered razor from a company that no longer wanted to make the product.
Since the Gillette Company had the first-mover advantage in successfully producing the products listed in the case study, the following statement "No other company successfully produced a pivoting-head razor before 1979" is true.
A razor is a bladed implement usually utilised for shaving body hair. There are several different kinds of razors, including electric, safety, disposable, and straight razors.
Safety razors and electric razors are the two most popular types of razors in use today, despite the fact that they have been present since before the Bronze Age. Numerous Bronze Age cultures have been found to have produced razors. They are typically oval in form, made of obsidian or metal, and have a little tang sticking out of one of the short ends.
Hence the correct option is A
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The Smiths have become increasingly alarmed by the changes occurring in their koi pond. The most recent concern is the reduction in the number of eggs. Which of the following statements is a plausible reason that would lead to a decrease in the number of eggs the koi are producing?
The farmer's market down the street has changed suppliers, and the produce is contaminated.
The farm next door practices flood irrigation, and runoff contaminated the koi pond.
The koi are unable to spawn because their reproductive system is impaired from pesticides the Smiths use to prevent termites.
Answer:
Which of the following trends related to fossil fuel use will most likely happen in the future? The developed world will increase its use of fossil fuels. In terms of emissions from power plant sources, natural gas is the cleanest fossil fuel. Organisms higher on the food chain are likely to have a greater concentration of toxic substances. Prolonged cloudy weather, drought conditions, overcrowded fish populations, excessive algal or other plant growths, and high water temperatures are the most common factors that combine to cause fish kills.
Explanation:
Answer:
II and III only
Explanation:
This was correct on the quiz! II and III are evidently correct (contamination, including perticides and other chemicals, can easily affect the reproductive system of organisms), I'm not sure exactly why I is incorrect. Perhaps it is because produce is made, and then collected and sold, and because it is taken away it does not interfere with the pond with koi. Perhaps.
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a real estate licensee in florida could be found guilty of unauthorized practice of law for preparing which one of the following types of real estate contracts? unset starred question
A real estate licensee in Florida could be found guilty of unauthorized practice of law for preparing any type of real estate contract that involves complex legal issues such as the transfer of title, zoning, or property rights.
What is unauthorized?Unauthorized refers to any activity or action that is done without the proper authorization or permission. It can be considered a criminal act depending on the circumstances, and can also result in civil liability. Unauthorized activities can range from accessing computer systems or networks without permission to breaking into someone else's property. Unauthorized actions are generally illegal and can have serious consequences. In most cases, unauthorized activities are a violation of laws protecting personal privacy, property, and other rights.
A real estate licensee is not qualified to provide legal advice or to interpret the law, so any contract involving these complex matters should only be prepared by a licensed attorney.
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_____ is the extent to which actually doing a job provides a worker with clear and direct information about how well he or she has performed the job.
Feedback is the extent to which actually doing a job provides a worker with clear and direct information about how well he or she has performed the job.
In the workforce of the construction business, a worker is a person who does physical labour tasks. Workers who make their living via wage work belong to a working class whose only real asset is their labour. Construction of structures including roads, buildings, bridges, tunnels, and railroad lines is an industry that employs employees. Assisting other crafts like operators or cement masons, labourers use hand tools, power tools, air tools, small heavy equipment, and blasting tools. A competent work force is equally as vital as any other component of building, according to the first-century BC engineer Vitruvius. The methods of labourers haven't altered much aside from the introduction of pneumatics.
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when merchandise is returned for a refund or for credit to be applied to other purchases, the account called sales and is debited. (enter only one word per blank.)
When merchandise is returned for a refund or for credit to be applied to other purchases, the Sales account is debited.
When goods are returned for a refund or credit to be used on future purchases, the sales account is deducted?The account that is debited when merchandise is returned for a refund or for credit to be applied to other purchases is called Sales.This is because the refund or credit is essentially a reduction in the sales that have already been recorded.The credit is recorded as a decrease in the amount of Sales that has been recorded.This is recorded in the Sales account as a debit in order to balance the equation.For example, if a customer returns merchandise for a refund of $100, the Sales account will be debited for $100.This decreases the amount of sales that was previously recorded.At the same time, a credit is also recorded in the Cash account to indicate that $100 has been received from the customer.This helps to maintain the balance of the equation and ensures that the books are kept in balance.To learn more about The amount of the debit to the Sales account refer to:
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The nation of Kona cultivates coffee beans and cassava, from which all their consumer goods are produced.
In 2010, 100 cups of Mocha Coffee cost $2.00 per cup, 50 quarts of sweet pudding cost $1.5 per quart, and 25 packages of Cassava Leaf salad cost $1.00 per package.
In 2015, 100 cups of MC cost $2.5 a cup, 50 quarts of SP cost $2.2 a quart, and 25 packages of CLS cost $1.2 a package.
The Kona people grow cassava and coffee beans, which are used to make all of their consumer items.
2010: $200 +$75 +$25= $300
2015: $250 + $110+ $30=$390
Which of the following best represents how actual gross domestic product (GDP) is calculated?Real GDP is a measure of a nation's annual economic production that takes inflation into account. The formula used to compute the U.S. GDP is as follows: GDP = C + G + I + NX (where C stands for consumption, G for government spending, I for investment, and NX for net exports).
Which of the following will be factored into the GDP estimate for the current year?Business investment, net exports, individual consumption, and government spending are the main components used to calculate GDP. Payments, acquisitions, and sales of old commodities, intermediate goods, etc. are not transferred in the GDP calculation.
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To offer its shareholders a privilege to obtain its shares at a fixed price, which of the following products does a corporate issue? A. puts. B. rights
Which of the following does a corporation issue is rights, giving its shareholders the opportunity to buy its shares at a set price.
Investors are important, so why?An entity that has contributed money to a business in exchange for a "share" of ownership is referred to as a shareholder. The representation of such ownership is by the common or preferred shares issued by the Corporation and held (or owned) by the Shareholder.
What actions do investors take?As part of their investment, shareholders fund the operations of companies with cash up front. You acquire shareholder status when you buy stock in an organization with a public listing. In exchange for cash, businesses give shareholders specific privileges regarding voting and corporate decisions.
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figure Positive Externalities and the Production of Semiconductor Chips. If the socially optimal production of chips is 500, the government could achieve the socially optimal level of production by granting a Pigouvian subsidy of:
A) $5.
B) $10.
C) $15.
D) $20
the government could achieve the socially optimal level of production by granting a Pigouvian subsidy of $20.
what does "subsidy" mean?A government payment made directly or indirectly to people or businesses is called a subsidy. This payment is typically made in cash or through a specific reduction in taxes. In accordance with economic theory, subsidies can be utilised to counteract externalities and market imperfections and increase economic efficiency. A government incentive, sometimes known as a subsidy, is a type of financial support given to an industry with the broad intent of advancing economic and social policy. The phrase "subsidy" can refer to any form of support, including implicit subsidies from NGOs or other sources that are not often associated with the government.
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There are needs arising for organizations as they set their business strategy and establish their strategic goals. It is critical to align the projects selected with the strategies and goals established. Recognizing organizations may have a number of different needs, there are many projects to consider.
What is a project?
How are projects selected?
Why do you think it is important to evaluate potential projects before proceeding to the formal project management life cycle?
A project brief provides a concise overview of the critical components of a project.
A project is a short-term undertaking with a precise aim or goal, typically starting to bring about a desired change or benefit. Projects are chosen according to how well they fit with the organization's strategic goals and objectives. Before starting the formal project management life cycle, it is crucial to assess new projects in order for the company to decide whether they are practical, worthwhile, and in line with its strategic objectives.
The organisation can more effectively manage resources, prioritise projects, and choose which projects to embark on thanks to this review procedure. It can also assist in identifying potential risks and difficulties connected to a project, enabling the business to create plans to lessen or prevent them.
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one of the key requirements in offering a dpp to a customer is that the program must be suitable. finra has some specific suitability requirements for dpps. among those is the investor
Investors can gain access to the cash flow and tax advantages of a business venture through a direct participation program (DPP), a pooled entity.
What services do DPPs offer?Investors can gain access to the cash flow and tax advantages of a business venture through a direct participation program (DPP), a pooled entity. DPPs, also referred to as "direct participation plans," are non-traded pooled investments in real estate or energy-related businesses over a long period of time.Understanding that age is an important factor in establishing appropriateness with DPPs is key in this situation. Investments in DPPs are lengthy, risky, and illiquid.Typically, only "accredited investors" are permitted to invest in DPPs. In addition to other requirements, accredited investors must have a net worth of at least $1 million or a salary of more than $200,000 for the two years preceding to investing. Check out SEC Rule 501 for a detailed explanation of an accredited investor.To learn more about direct participation program (DPP) refer to:
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Which of the following, also called procurement, is considered to be at the heart of effective supply chain management?
a. Purchasing management b. Quality control c. Inventory management d. Automation e. Materials control
Purchasing management is considered to be at the heart of effective supply chain management, also known as procurement. Here option A is the correct answer.
Purchasing management, also known as procurement, is an essential aspect of supply chain management. It involves the process of acquiring goods and services from external vendors and suppliers.
Effective purchasing management is critical for ensuring that a company has the necessary resources to carry out its operations and meet customer demand. Procurement includes various activities such as identifying and sourcing suppliers, negotiating contracts, placing purchase orders, managing inventory, and monitoring supplier performance.
By effectively managing these activities, companies can minimize costs, ensure the timely delivery of goods and services, and maintain high levels of quality. This results in a well-functioning supply chain, which is essential for overall business success.
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Inflation occurs when rising production costs add to the cost of final goods and services. What is meant by inflation?
The rate at which cost of goods and services is increasing in an economy is known as inflation.
What is inflation?Inflation is the term used to describe the rate of increase in the cost of goods and services within an economy. Inflation has a negative impact on society by driving up the price of basic goods like food. As soon as an economy has widespread inflation, both consumers and businesses begin to worry about potential future inflation. The Fed will adjust its monetary policy to combat inflation, which it targets at approximately 2%, if prices rise too quickly or significantly. Inflation could make you nervous since it lowers the worth of the money you've saved right now. Inflation reduces consumers' purchasing power, thereby making it difficult for them to retire.
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Do you agree with the 2018 supreme court decision to now make these online vendors charge sales tax?
I agrees that with the 2018 supreme court decision, these online vendors can charge sales tax to offset the Supreme Court verdict.
What was Supreme Court verdict on Sales Tax for Online Retailer?The Supreme Court ruled 5-4 in favor of South Dakota and against online retailer Wayfair, deciding that states can require merchants to collect sales taxes on online purchases. Online shoppers who live in one of the 45 states with sales taxes should have reported and remitted those levies to their state of residence.
The U.S. Supreme Court ruled that states can require internet retailers to collect sales taxes, even if the merchant doesn’t have a physical presence there. If you reside in a state with sales taxes, you were already required to report and pay ‘use taxes’ on your web-based purchases.
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Suppose that some firms in a perfectly competitive industry are incurring negative economic profits. In the long run, the:a) industry supply curve will shift to the leftb) number of firms in the industry will not changec) industry supply curve will not shiftd) number of firms in the industry will increase
In the long run option d- The number of firms in the industry will grow.
meaning they have to accept the market price for their goods or services. If firms are incurring negative economic profits, it means that their total revenue is less than their total cost of production, including normal profit (the cost of the opportunity to invest in another business). This situation is not sustainable in the long run, as firms will not be able to cover their costs and will eventually exit the market. When firms exit the market, the remaining firms will have less competition, which will enable them to charge a higher price, resulting in higher profits. The increased profits will attract new firms to enter the market, which will increase the number of firms in the industry, and this process will continue until the market reaches a state of long-run equilibrium, where all firms are earning only normal profits.
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If the government eliminates an effective minimum wage in a competitive labor market, which of the following is true? A Minimum wage workers will experience no change in hourly pay. B Minimum wage workers will experience a decrease in hourly pay. (C) The number of people employed will decrease because people do not want to work for low wages. D There will be an excess demand for workers. E There will be an increase in the supply of workers.
The correct answer is B- Minimum wage workers will experience a decrease in hourly pay.
When a minimum wage is eliminated in a competitive labor market, the wages of workers who previously earned the minimum wage will decrease.
This is because employers will no longer be required to pay a certain amount per hour and can instead offer lower wages to attract workers. This will result in a decrease in wages for minimum wage workers, as they will be willing to accept less money in exchange for their labor.
Furthermore, the number of people employed in the labor market will decrease as employers will be less likely to hire workers at low wages. Additionally, there will be an increase in the supply of workers as more people will be willing to work for lower wages than before.
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