Answer:
please Elaborate like how much money do you have or something
Answer:
A price floor set above the equilibrium price will result in a surplus of supply.
Explanation.
An equilibrium price refers to the price at which demand for a service or product is equivalent to the quantity of the product or service supplied in the market.
Setting a price floor above the equilibrium price essentially means that the set prices will be higher than what demand is willing to pay for the product or service. Demand will therefore purchase fewer quantity of the product offered by supply at the prevailing price than they would have at equilibrium price.
Since the price floor will raise the product price to considerably higher than the equilibrium price, supply will be willing to provide higher volumes of the product at the prevailing price than at equilibrium price.
This will lead to a mismatch in the market between supply and demand resulting into a surplus.
ge is utilizing reverse innovation in order to protect itself from rivals.
<h3>What is
reverse innovation?</h3>
Reverse innovation or trickle-up innovation An innovation is one that is first noticed or used in the developing world before moving to the industrialised world. Dartmouth academicians Vijay Govindarajan and Chris Trimble, as well as General Electric's Jeffrey R. Immelt, popularised the term.
Reverse innovation is the process by which goods developed as low-cost prototypes to satisfy the needs of developing countries, such as battery-powered medical tools in countries with poor infrastructure, are repackaged as low-cost novel goods for Western purchasers.
The approach of innovating in emerging (or developing) markets and then distributing/marketing these inventions in mature ones is known as reverse innovation. Many businesses are creating items in rising markets such as China and India and then distributing them abroad.
To know more about reverse innovation follow the link:
brainly.com/question/14085977
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Answer:
b.
Explanation:
Based on the scenario being described within the question it can be said that George is a creative salesperson, and is the main reason why he is so valued. This creativity allows George to come up with all the new ideas that others may not be able to come up with, and these ideas and tactics create value to the company.
Answer: .B. has a large dead weight loss
Explanation:
The labor market basically has two forces pulling against each other, we have firms who demand labor and we have workers who are Suppliers of labor. Firms will want to hire more labor at a lower wage price while more workers will want to work when the wage price is higher as the law of supply stipulates
The law of supply states that more is supplied at a higher price, now using the same law on the supply of labor we conclude that more labor will be supplied at a higher Wage which represents Price. A Labor Market is equilibrium when Quantity Demanded Equals Quantity Supplied. Elasticity measures the sensitivity of Demand or Supply to Price Changes. The amount of Change in the Quantity supplied or demanded depends on how elastic the demand or supply is to wage Price changes
When Supply Curve is highly elastic means a small change in wage price will have a huge impact on the Total amount Labor supplied. When government imposes Tax on labor, The Wage price will decrease and workers will now earn a wage net of tax,
The Supply curve is highly elastic meaning a small decrease in wages caused by a tax imposed on labor will only lead to a huge decrease in the quantity of labor supplied because more people will choose not work. The tax imposed on labor creates a huge dead weight loss in the labor market because the market is no longer in equilibrium. The Quantity of labor supplied is far less than the quantity of labor demanded.