ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is one strategy that employers use to continue to do business despite high wages?
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Look for less skilled workers to do a job.
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Pay less and hope to attract good workers.
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Replace some of the workers with machines.
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Scale down the business to hire fewer people.
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Explanation:
Detailed explanation-1: -What is one strategy that employers use to continue to do business despite high ages? Replace some of the workers with machines. What factors can affect wages? minimum wage laws, safety laws, and labor unions.
Detailed explanation-2: -In a competitive labor market model, a minimum wage set above equilibrium causes a decrease in firms’ labor demand and displaces some workers from their jobs, thereby generating unemployment.
Detailed explanation-3: -Answer and Explanation: In Country U (United States), the labor force is dominated by the service sector. Service sector include banking, education, health, and retail.
There is 1 question to complete.