Assume that the skills required of a sales clerk at a retail store are similar to those required of workers at a fast-food restaurant. If workers are completely indifferent between fast-food jobs and retail-sales jobs, in what way would the wages of sales clerks change, if at all?.

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02-12-2022
Business

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Assume that the skills required of a sales clerk at a retail store are similar to those required of workers at a fast-food restaurant. If workers are completely indifferent between fast-food jobs and retail-sales jobs, in what way would the wages of sales clerks change, if at all?.

Sagot :

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Martebi Martebi · Answer 1 · 2022-12-05T18:15:49-05:00

The ways that the way would the wages of sales clerks change, if at all is option B: It will rise as the supply of food service workers will rise.

What transpires when supply and demand both rise?

A basic point of economics is that when there is more supply than demand for an item or service, prices decline. Prices typically increase when demand outpaces supply. When demand is constant, there is said to be an inverse relationship between supply and prices of products and services.

Note that When demand and supply both rise, more will be purchased by consumers and more will be produced by businesses. The impact on price will be one that will depend on the relative amount of the two changes because consumers place a higher value on each unit while producers are said to be willing to supply each unit at a lower price.

From the image, wages increase is as a result of increase in numbers of workers. Hence option C is correct as it is in a state of equilibrium.

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What transpires when supply and demand both rise?

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