If a Fast Food Restaurant Was One of Many Hiring

question 60

Multiple Choice

If a fast food restaurant was one of many hiring workers, the minimum wage was $7.25 an hour and it was paying $7.25 an hour. Suppose the economy slides into recession such that the new equilibrium wage was $6.50 per hour. This would cause them to

• A)lower their offering wage to $6.50 an hour.
• B)raise their offering wage to $9.00 an hour.
• C)do nothing differently.
• D)pay between $7.25 and $9.00.

Explain the factors influencing producers’ decisions on quantity supplied.

Discuss the role of consumer information in market efficiency and product pricing.

Interpret the impact of technological advancements on supply and market equilibrium.

Evaluate market outcomes based on changes in consumer preferences and income.

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Definitions:

Mission

The fundamental purpose or goal that guides an organization, outlining its values, aims, and reasons for existing.

Profit

The difference between what it costs to make and sell a product and what a customer pays for it.