Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Evaluating statements from the concepts of minimum wage theory also monopoly marketplace

1. Compute the following quote from USA Today, March 22, 1988:

"Raising the minimum wage wouldn't result in fewer jobs because businesses would absorb the costs as they have absorbed other costs, according to Robert Mc Glotten, director of legislation for the AFL-CIO."

'Business doesn't hire people on the basis of wage,' he says, 'but on the basis of need.'

'If an individual with a particular kind of occupation is needed, then which occupation also the skill levels of the individuals would be matched with a wage rate,' he says.
Also the lost-job claim? McGlotten says critics made which argument whenever the minimum wage was 25 cents an hour. Also 'which's never been true at all.'?"

2. Give brief answers to every of the following:

(a) "Since a monopolist is the only supplier of a well-defined product, there is no limit to the price it may charge." Is this statement true or false?

(b) Elucidate why a monopolist will never set a price (also produce the corresponding output) at which the demand is price-inelastic.

(c) "The ultimate monopoly product would be one whose cross elasticity of demand, with respect to any also all other products, was zero." Comment.

(d) "The reason movie theatres charge youngsters also oldsters less than the rest of us are because theatre owners want to help these two low-income groups."

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M916363

Have any Question? 


Related Questions in Business Economics

Lin corporation has a single product whose selling price is

Lin Corporation has a single product whose selling price is $140 and whose variable expense is $70 per unit. The company’s monthly fixed expense is $32,250. 1. Using the equation method, determine for the unit sales that ...

Which of the following is true regarding the application of

Which of the following is true regarding the application of the concept of unconscionability? It may be the basis for rescinding a contract. It may not be the basis for rescinding a contract. It may be the basis for resc ...

Specialization and production possibilitiessuppose china

Specialization and production possibilities Suppose China produces only trucks and tablets. The resources that are used in the production of these two goods are specialized—that is, some resources are more suitable for p ...

Assignmentother retail businesses in the mall in which your

Assignment Other retail businesses in the mall in which your sports shoes shop is located have decided to open on Sundays from Noon to 6 P.M. You decide to follow suit but two of your employees refuse to work on Sunday s ...

Kat von d also known as katherine von drachenberg is an

Kat Von D, also known as Katherine von Drachenberg, is an American tattoo artist, model, musician, entrepreneur, and television personality. She is best known for her work as a tattoo artist on the TLC reality television ...

Estimating taxable income tax liablity and potential refund

Estimating taxable income, tax liablity, and potential refund. Kara hooks is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales assistant for Business Solutions ...

Describe the effect of consumer expectation of a future

Describe the effect of consumer expectation of a future price fall on the demand of a commodity.

The production engineers at impact industries have derived

The production engineers at Impact Industries have derived the optimal combinations of labor and capital. These are the only two inputs used by Impact. The following chart shows the combinations of labor and capital for ...

The state of california recently considered passing a tax

The state of California recently considered passing a tax on doctors for their services in that state in order to raise revenue to pay for universal health coverage for California residents. Suppose the average open hear ...

In year 1 and year 2 there are two products produced in a

In year 1 and year 2, there are two products produced in a given economy, cars and beef. Suppose that there are no intermediate goods. In year one, 200 cars are produced and sold at $15,000 each, and in year two, 250 car ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate