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Is minimum wage a price floor or ceiling?
Price floor- Minimum wage, if above the market equilibrium then unemployment Price ceiling- rent control, so more people are able to live comfortably. but this can be negative when the too high of price is confused with the too low of supply.
What problem can a price floor cause?
One form of a price floor is minimum wage. Minimum wage is a really good thing but it also has a bad side. That is if the minimum wage is set above the market equilibrium wage rate, the result is a decrease in employment.
If the price level rises and the money wage rate rises by the same percentage what happens to the quantity of real GDP supplied?
When the price level and the money wage rate change by the same percentage, the real wage rate remains constant at its full employment equilibrium level so employment remains constant and real GDP remains constant at "potential GDP" which is the quantity of real GDP at full employment.
What happens when market price is above equilibrium price?
When the market price of a good or service rises above equilibrium on its own, the number of buyers exhibiting demand for it is reduced. The only thing left for the maker of such a good or service to do is to drop the price to restore the level of demand necessary to make an optimal profit. This sounds contrary to simple arithmetic, but the fact is that the equilibrium is the price at which consumers get the best deal and suppliers earn the most profit. The effect of price controls is a common example of when a price is held artificially above equilibrium price. Equilibrium is established in a free market where the quantity of a good or service supplied is equal to the quantity demanded. So when government steps in and imposes a price floor on a good or service (such as milk or even labor i.e. minimum wage), everything is fine unless the forces of supply and demand cause the equilibrium to fall beneath that price floor. In the case of labor, minimum wage can cause a labor surplus (commonly and fallaciously referred to as a job shortage). Essentially the price of labor is held artificially high so employers are forced to seek alternatives such as hiring fewer people to do the same job. If the price of milk is set above equilibrium by legislation (perhaps as an earmark to support small agriculture) then the natural effect is for there to be a surplus. Long story short, a lot of milk spoils on the shelves at the grocery store.
Where is the location on a graph where supply and demand intersect called?
This is the equilibrium price. Equilibrium price is when quantity demanded equals quantity supplied - i.e. it is the price where everything supplied will be bought, so the market will be cleared.
Is minimum wage a price floor or ceiling?
Price floor- Minimum wage, if above the market equilibrium then unemployment Price ceiling- rent control, so more people are able to live comfortably. but this can be negative when the too high of price is confused with the too low of supply.
What problem can a price floor cause?
One form of a price floor is minimum wage. Minimum wage is a really good thing but it also has a bad side. That is if the minimum wage is set above the market equilibrium wage rate, the result is a decrease in employment.
If the price level rises and the money wage rate rises by the same percentage what happens to the quantity of real GDP supplied?
When the price level and the money wage rate change by the same percentage, the real wage rate remains constant at its full employment equilibrium level so employment remains constant and real GDP remains constant at "potential GDP" which is the quantity of real GDP at full employment.
To maximize equilibrium yield of methanol would you use high or low temperature?
High because a higher pressure is the result of decreased volume and when a decreased volume for the equilibrium mixture is involved, the shift is toward the side with the least amount of mols of gas. 3 for reactants and 1 for methanol so towards methanol
What is the wage of a nurse?
well if you were to become a nurse you would probaly start with getting paid little bits because you wouldn't be doing much but a nurse is a really important you save lives so the wage is pretty high :)
Where can you find doctors to perscribe desoxyn?
Because of its high abuse potential many doctors are reluctant to perscribe it. If it is the appropriate medication, a doctor will give it. So the answer depends on what the patient wants or needs it for.
How does gas move things?
by diffusion, from a low concentration to a high concentration of the molecule involved. so that the concentrations across the area are all equal, and an equilibrium is reached.
What effects do catalysts have on an equilibrium system?
They catalyse both the forward and reverse reactions, so the position of equilibrium is unaffected. The system will however reach equilibrium more quickly.
Are doctor's office jobs in demand?
Doctors office jobs are in demand and will always be in high demand. Everyone has to go to the hospital at some point, this is one reason why we need so many doctors.
How high do doctors paychecks get?
Some get paid salery so it could go as low as 1,000 a week to 15,000 a week
Do you have to have a degree to get a spanish job?
It depends on the job you are willing to have. Doctors must have a high degree to work in a hospital, so the mangers.
Chemical equilibrium is a form of equilibrium?
because in chemical equilibrium the rate of forward reaction is = the rate of reversed reaction so in both sides at left side and right side those products which are formed are in same quantities that's why chemical equilibrium is the form equilibrium
