Suppose the demand for a particular product (swimsuits) is highly inelastic.What

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Suppose the demand for a particular product (swimsuits) is highly inelastic.What does that suggest about the wage elasticity of demand for workers in the industry that produces swimsuits?Describe the effect of a binding minimum wage in this industry. Be sure to comment on the extent of unemployment.Why? Short answer The simple production function Q = f ( K, L ) is an example of A) an economic model. B) normative economics. C) Pareto efficiency. D) the substitution effect outweighs the income effect. To be officially counted as unemployed by the BLS you must meet each of these criteria except: A) must be at least 16 years old. B) must be not currently working. C) must have held previous job for at least 6 months. D) must be seeking work.

Explanation / Answer

B) must be not currently working. please rate me

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