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How might a law setting minimum wage below the equilibrium point have an unintended effect?
Wiki User
∙ 9y ago
A law setting the minimum wage below the equilibrium point might have an unintended effect that could lead to unemployment. It also prevents poor families being able to better their conditions and thus increases poverty.
Wiki User
∙ 9y ago
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What is knock on effect?
A secondary or unintended effect of an action. I suspect it is a term taken from rugby.
Why price ceiling and price floor is binding?
A price ceiling is binding when it is below the equilibrium price. It is the legal maximum price, so the market wants to reach equilibrium (which is above that) but can't legally. If it were above the equilibrium price it would not be binding because the market would reach equilibrium and the ceiling would have no effect. A price floor is binding when it is above the equilibrium price. You can use similar reasoning to that above. It is the legal minimum price. the market wants to reach equilibrium below that but can't legally.
A decrease in demand will have what effect on equilibrium price and quantity?
There will be a decrease in price and quantity.
An increase in demand accompanied by an increase in supply will increase the equilibrium quantity but the effect on equilibrium price will be indeterminate True or False?
Posoftifly Yes im afraid
What effect does a decrease in demand have on equilibrium price?
Imagine the curves. A decrease in demand would lower the equilibrium price by moving the demand curve to the left, dragging the intersection point down.
What is equilibrium conversion how does it effect design of reactor?
equilibrium conversion is that which is at equilibrium concentration
What is knock on effect?
A secondary or unintended effect of an action. I suspect it is a term taken from rugby.
What was the unintended negative effect of the cotton gin?
it increased slavery
An unintended side effect of an action that affects someone not involved in the action?
eXternaLity
Is it true that a change in pressure may affect the equilibrium position but has no effect on the equilibrium constant?
No.
Why price ceiling and price floor is binding?
A price ceiling is binding when it is below the equilibrium price. It is the legal maximum price, so the market wants to reach equilibrium (which is above that) but can't legally. If it were above the equilibrium price it would not be binding because the market would reach equilibrium and the ceiling would have no effect. A price floor is binding when it is above the equilibrium price. You can use similar reasoning to that above. It is the legal minimum price. the market wants to reach equilibrium below that but can't legally.
What unintended effect did the fugitive slave act have on northerners?
The Fugitive Slave Act of 1850 intensified opposition to slavery in the North by requiring northerners to assist in the capture and return of escaped slaves. This led to heightened tensions between pro- and anti-slavery factions, as many people in the North resented being forced to participate in the enforcement of slavery. The act also sparked a wave of resistance and defiance, with some northerners aiding fugitive slaves in their escape.
What effect does a catalyst have on a system equilibrium?
The correct answer is a simple one: The system is unaffected by a catalyst in a system in equilibrium.
What is effective action?
The mass action effect is the shift in the position of equilibrium through the addition or removal of a participant in the equilibrium.
How does adding more reactants effect equilibrium?
Le Chatelier's principle says that, when a equilibrium is disturbed by adding or removing one or more of the contents, the system will attain a new equilibrium to minimize its effect. So when reactants are added to the system, some of they will react and give products in order to gain the new equilibrium.
What was the unintended effect of the fordney mcCumber act?
a rection in foreign markets against American agricultural products.
Which term is best defined as an unintended side effect of an action that affects someone not involved in the action?
Externality
