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Q: How many workers would producers be willing to employ at a wage of 40 per hour?
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What happens when wages are set above the equilibrium level by law?

Firms employ fewer workers than they would at the equilibrium wage.


What would happen if suppliers charge less than the equilibrium price for your good or service?

producers would supply less than consumers would be willing to consume at that particular price. There would be SHORTAGE


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If there were no producers, there would be no consumers, and life would not exist.


What are the differences between formal-informal organisations?

an Informal business is a business that doesn't pay tax, doesn't employ workers, doesn't own a working site (office). a Formal business does pay tax, does normally employ workers, has a logo and an office (working site). an Example of an informal business would be: hawkers, selling apples on the side of the road, squatters and small spas shops. An example of a formal business would be: Woolworth s, spar, ect


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All producers would die out and eventually so would all organisms.


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Hospital employ hundreds of different workers for all sorts of tasks. The most commonly employed would be nurses, technicians, pharmacists, as well as custodial services. Most hospitals are also in need of a large number of administrative workers.


If workers actively demand pay increases when the price level is rising and are willing to accept pay cuts when the price level is falling then the short-run aggregate supply curve would be?

Would it be horizontal


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Why would there be less consumers than producers in a pond ecosystem?

Becuase the comsumers would starve if there were more of them then producers