Explain What Comparable Worth Legislation Would Do

question 38

Essay

Explain what comparable worth legislation would do.

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Definitions:

Inverse Supply

A concept describing the relationship between the price of a good and the quantity supplied, typically showing that as price decreases, the quantity supplied decreases.

Pareto Optimal

A state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Sales Tax

A tax imposed by governments on the sale of goods and services, typically calculated as a percentage of the purchase price.