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What is meant by minimum wage?
The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are examined by the forces of supply and demand in a free market. In most cases, the minimum wage acts as a price floor. Every country sets its own minimum wage laws and regulations, and most of the countries have no minimum wage.
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What do you mean by the utility function? The Utility Function: Sometimes this is easier to work directly along with the preference relation and its connected sets. Althou
Explain the term economic efficiency? Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and
What is Nancy’s lifetime income as a function of her level of schooling, S? 2. What is Nancy’s lifetime income if she gets no schooling? What is it if she goes to school for all 60
What are the parts of valuable economics paper? The consequence of economics research is an economic conclusion. Usually a valuable economics paper comprises three parts: a.
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what is multi-plant monopoly?
Employee Communication More widely called internal communications, employee communication is must in retaining a happy and productive workforce. Internal communications to e
Consider the following duopoly with differentiated goods where x 1 and x 2 denote the amounts of the goods 1 and 2 respectively, with prices p 1 and p 2 . The demand funct
Balance of payments account: The foreign exchange market is an organizational setting within which individuals, business firms, banks etc buy and sell foreign currency. It has
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