On graphing situations: (PLEASE show Graphs, if possible) All questions need to

Question

On graphing situations: (PLEASE show Graphs, if possible) All questions need to be explained compared to equilibrium price and quantity:what will happen to the income of labor currently making minimum wage when hourly rate increases will all. some, or none of this labor earn a higher income Include a graph using curves associated with monopolistic competition in the short run. showing the demand curve. MR curve. Suppty/MC curve, and equilibrium price and quantity. What will happen to businesses when they are required to pay the higher hourly rage wate will all. some, or none face increasing costs will all. some, or none remain profitable will all. some, or none end up in a shutdown position include a graph using curves associated with monopolistic competition in the short run. showing the demand curve. MR curve. Supply/MC curve, and equilibrium price and quantity. What happens to consumers who are not making minimum wage include a graph using curves associated with monopolistic competition In the short run. showing the demand curve. MR curve. Supply/MC curve, and equilibrium price and quantity. Will the economy be in a better, worse, or neutral positio Include a graph using curves associated with monopolistic competition in the short run. showing the demand curve, MR curve. Suppty/MC curve, and equilibrium price and quantity.

Explanation / Answer

In a monopolistic competition, firms are selling similar products but not identical. The product of each seller is somewhat different from that of the other.Monopolistic competition combines the features of monopoly and perfect competition. Trademark gives monopoly power to the firms. On the other hand, since many firms are producing a commodity, there is competition in the market. In a profit maximization situation, MR = MC.
1.If the hourly wage rate increases, demand for labor decreases than supply of labor, causing rise in unemployment and labor would be surplus in the labor market.

2. Seeing the labor surplus,workers agree to sell their labor to the firms at lower wages. Most of the firms face increasing costs.
3. Consumers who are not making minimum wage, they are facing unemployment and unwillingly accept jobs at lower wages.

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.