Respond to the following in a minimum of 175 words:Discuss how competitive markets determine the wage rate and the quantity of labor that should be employed.How are resource decisions affected by the global market and world events? Provide a real-world example.Do you think governments should have the power to influence the global market?

In the labor market, the demand for labor and also the supply of labor determine the extent of…

Answered: Discuss how competitive markets…

Business

Economics

Discuss how competitive markets determine the wage rate and the quantity of labor that should be employed.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter16: Economies In Transition

Section: Chapter Questions

Problem 1SQ

See similar textbooks

Similar questions

Explain whether each of the following statements is positive or normative: i.Embargoes and quotas should reduce general economic welfare
Explain the operation of the “invisible hand” and why market economies usually do a better job than command economies at efficiently transforming economic resources into desirable output.
Free Markets are a way of connecting people who may mutually benefit by exchanging goods and services through a process of buying and selling. a) Identify a local/global problem that might be caused by an economic policy that is based on the belief that free markets deliver the best economic and social outcome for society.
Need it right now
Which of the following statements describes Principle 6: Markets are usually a good way to organize economic activity? A buyer of tomatoes asking 5 pcs of tomatoes for 20 pesos and the seller bargaining to give the tomatoes for 20 pesos if the buyer will buy 10 pieces. Thousands or millions of Filipino people applying and being hired in BPO companies of their choice. Russia allowing the Philippines to purchase new military equipment from their country. Several milktea shops are opening due to the increase in demand of milktea. Which of the following might increase the equilibrium price of bread but decrease in the equilibrium quantity of bread sold? O an increase in the price of flour an increase in the price of rice O an increase in price of coffee an increase in the consumers' income
In rural or urban areas, why some economist suggested that we need to focus on the following sectors: agriculture, manufacturing, commerce and services?
Three economic questions must be determined in all societies. What are they? What goods will be produced? How will goods be produced? For whom will goods be produced? What is the opportunity cost of production? Does the society have a comparative advantage in production? Will consumers desire the goods being produced? What will the price of each good be? Who will produce each good? Who will consume each good? How much will be produced? When will it be produced? How much will it cost?
The world population will double in the next 10 years, but you personally are unlikely to eat only half as much. To explain this phenomenon, anthropologists have come up with this kind of explanation of world hunger: a. Inequality b. Division of labor c. Resource expansion d. Scarcity.
Please no written by hand and no image
Question 12 of 23 Classify each of the statements as an example of positive or normative analysis.. The sugar quota in the United States costs consumers $6.08 billion a year. Positive Higher tariffs on imported automobiles would decrease the demand for Normative foreign made cars. International trade should be be limited because it can cause some workers Positive to lose their jobs. International trade makes some people better off and some people Normative worse off. The U.S. should impose import quotas in the market for consumer Normative electronics to help domestic workers. The sugar quota in the U.S. is good public policy and should be Positive made stronger. Answer Bank Normative Positive MacBook Air
In 2011, Governor Rick Scott signed a bill that included incentives for the space industry and added a $9 million economic development tool for Florida. How did this bill most likely affect the economy of the state of Florida? It dissuaded high-skilled space engineers from working within the state. It encouraged the growth of research and development jobs within the space industry. It allowed private companies to take over the former public control of the space industry. It provided for a transition away from the space industry after the ending of the shuttle program.
Kyoko has opened a new startup company in web design. Within the first month of business, the startup agrees to maintain an accounting firm's website in exchange for someone at the firm doing the startup's tax returns. Which of the following principles of economic interaction best describes this scenario? Trade can make everyone better off. When markets do not achieve efficiency, government intervention can improve overall welfare. All costs are opportunity costs. Markets allocate goods effectively.