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An effective minimum wage can lead to?
the law of supply states that price and quantity supplied are
Low unemployment rates in the country employers offer higher wage to meet their higher payroll costs and maintain profits they charge consumers more for goods and services what are the consequences?
a wage price spiral of ever-increasing prices
What is a common criticism that management has made of labor unions?
Excessive wage demands lead to price hikes that result in inflation
What determines the demand for labors?
causes a movement along the MRP curve: -wage rate causes a shift of the MRP curve: -price of capital -changes in productivity -changes in the price of the firm's product -demand for the product
What factors determine the demand for labor?
causes a movement along the MRP curve: -wage rate causes a shift of the MRP curve: -price of capital -changes in productivity -changes in the price of the firm's product -demand for the product
Is minimum wage a price floor?
A minimum wage could be considered a price floor because it sets a wage floor on the price of labour. Since labour is an important factor of production, and price reflects the cost of production, then higher wages correspond to higher prices if there are no productivity gains.
The minimum wage is an example of?
The minimum wage is an excellent example of a price floor
What is a Wage Neg?
wage neg is wage negotiable. it means that you can call someone who is putting something on sale and ask them about the price.
How do you distinguish between money wage and real wage?
Real Wage = Money Wage / Price Index Real wage measures purchasing power, that is what an hour's labor can buy.
Minimum wage is an example of?
a price floor.
Which of the following best explains why globilization has lead to wage cuts in some jobs in the US?
Outsourcing increases the domestic supply of workers, driving down the price of labor. -apex
Was the Office of Price Administration created to stabilize both wage and price?
yes
