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Suppose government imposed a minimum wage above equilibrium wage Assuming nothing else changes what do you expect to happen to the resulting shortage of jobs as time progresses?
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∙ 10y ago
pikachu
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∙ 10y ago
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When the government has laissez faire economic politics what were they doing about his business?
It depends entirely on who "they" are and who "his" business belongs to. Assuming that this is a pure laissez-faire system, the government would not interfere in business activities in any way save to prosecute criminal acts, such as an employee murdering another employee. The government would not employ any regulations.
Describe what happens when there is a shortage?
By free market I am assuming that it means the government has no role in controlling the markets. If in such a market there occurs a shortage it will simply drive the prices high up by the demand and supply rule thus constricting the output only to those who outbid the other. The solution generally is a government control on this for example LPG in India is highly subsidised to make it affordable, but the solution is definitely not robust because the people with the ability to buy from the private market end up consuming subsidised products meant for the poorer sections.
How did the great depression affect economists beliefs about the macroeconomy?
Instead of assuming that the macroeconomy would automatically recover from a recession, economists began to consider the possibility that modern market economies could fall into prolonged contractions and that government assistance would be necessary to pull them out.
How can supply and demand reach an equilibrium position?
The answer is from an economics point of view. You might need to draw a diagram to understand the question better. Let's say that the initial equilibrium price and quantity is stable, where the demand and supply curves intersect each other. Using the market for console games for relevance, let's say the price of Play Station 3 is initially priced at USD 3.00. (it's only an example, as I have no idea how much it costs). At this price, we can say that that is the equilibrium price of the PS3, and the equilibrium quantity is 1000 units. However the equilibrium price and quantity can change depending on changes in the supply and demand in the market, hence the question is asking how the interaction between demand and supply can determine the price and output. Let assume that the demand for PS3 increases, which can happen in real life during holiday season or before Christmas. If this happens, in a graph, the demand graph will shift out. An increase in the demand while the supply remains the same, means there is excess demand of PS3 in the market. This means there are a lot of people who want to buy the PS3 but there are too little in the market or insufficient amount supplied. If this happens, the price will increase. (this is very normal in economics, when there exists excess demand the value of the good increases). The increase in the price, will thus form the new equilibrium price and quantity. We can say that the excess demand caused the price of PS3 to increase, and only a few can purchase it. This is one example of the interaction of demand and supply to determine the equilibrium price and quantity. At times, it's not only the demand that can affect the price and quantity. There are times where the supply can affect the price of a good. If excess demand causes the price to increase, excess supply, meaning a surplus of goods in the market. will mean the price will eventually fall. What you need to understand is the use of demand and supply to determine the price and quantity is a model. This demand and supply model is used to basicly understand the relationship between price and quantity and factors that can affect it.
What determines the price and quantity produced of most goods?
Price and quantity produced of any given product and service is dependent on multiple economic, social and political factors. Assuming ceteris parabus (all else being equal) the quantity of supply and demand determine the equilibrium point, or price of a good or service.
Assuming that the reaction is at equilibrium what effect does the addition of a catalyst have on the equilibruim?
a catalyst lowers the activation energy for both the forward and reverse reaction. however, it does not change the potential energy of the reactants or products. it also does not affect the heat of reaction (delta h)
What term means overturn illegally?
Assuming that you are talking about a Government, it's to 'overthrow' a Government.
What is the size of human soul as per religious scriptures?
It has no size. Assuming it is not physical in any way, it therefore has no dimensions, resulting in no size.
Assuming there are premises based on correct observations and sound logic which is more certain of resulting in a conclusion thats correct?
Deductive reasoning
Assuming there are premises based on correct observations and sound logic which is more certain of resulting in a conclusion that's correct?
Deductive reasoning
What year year did the government require speedometers in vehicles to be digital?
Assuming you live in the U.S.A., there is no government requirement for digital speedometers.
Which government officals receive appointments for life?
Assuming you are talking about the U.S. government- supremem court justices and federal judges.
Where is the gathering place for the three major branches of the federal government?
I'm assuming you mean the American government. Washington, DC
What is the name of the current peruan government leader?
"Assuming you mean the "Peruvian" government leader, it's President Alan Garcia Perez.
Do particles in a liquid move at the same pace?
No, but if the system is at equilibrium the speeds of all the molecules (assuming an ideal liquid) will be characterized by a Boltzman distribution.
Why is the coefficient of discharge of a venturimeter calculated?
A discharge coefficient is used to account for inaccuracies resulting from assuming plug flow and neglecting friction in the Bernoulli equation.
In a constitutional republic a government official acting contrary to the wishes of the people?
Is assuming authority he or she does not have.
