Asked by
Angelina Hourn
on Dec 11, 2024
Verified
Other things constant, how will a decrease in the wages of teenagers affect the market for fast food hamburgers?
A) The supply of fast food hamburgers will increase, leading to an increase in the price of hamburgers.
B) The supply of fast food hamburgers will increase, leading to a reduction in the price of hamburgers.
C) The supply of fast food hamburgers will decrease, leading to an increase in the price of hamburgers.
D) The supply of fast food hamburgers will decrease, leading to a reduction in the price of hamburgers.
Wages of Teenagers
The amount of money paid to teenage workers for their labor, often influenced by legal minimum wages, market demand, and the job's skill requirements.
Fast Food Hamburgers
Describes quick service restaurants specializing in hamburgers.
Supply
Supply refers to the total amount of a product or service available to consumers in the market at any given time.
- Ascertain how market mechanisms (supply and demand) influence the cost and availability of goods and services.
- Analyze the influence of fluctuating input costs, such as labor and raw materials, on the finished product market.
Verified Answer
VB
Learning Objectives
- Ascertain how market mechanisms (supply and demand) influence the cost and availability of goods and services.
- Analyze the influence of fluctuating input costs, such as labor and raw materials, on the finished product market.