Scenario 14.1 A Worker in Firm a Earns an Income of $5,000

question 79

True/False

Scenario 14.1
A worker in Firm A earns an income of $5,000 per month. He has been offered a job in Firm B where he will be paid a salary of $7,000 per month.
-If the government sets a minimum wage which is more than the equilibrium wage, the firms tend to demand more labor.

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Definitions:

Recruiting Function

The process or actions involved in identifying, attracting, interviewing, selecting, hiring, and onboarding employees in an organization.

External Factor

Influences originating outside of an organization that can affect its performance, such as economic conditions, competition, or regulatory changes.

Offers-applicants Ratio

The ratio of job offers given to the number of applicants, indicating the selectiveness or competitiveness of the hiring process.

Recruitment Strategy

A planned approach of identifying and attracting candidates to fill job vacancies within an organization.