Which of the following will indicate a shortage of a product in the market to suppliers?
October 7, 2020
you are a consultant to price-setting firm (monopolist) Situation: The firm hasmarket-pricing power and is making a hefty economic profit.
October 7, 2020
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For example, in the article published on CBC News “Ontario’s minimum wage raise a ‘small business killer'”, Nasser (2017) states, “The Canadian

For example, in the article published on CBC News “Ontario’s minimum wage raise a ‘small business killer’”, Nasser (2017) states, “The Canadian federation of Independent businesses goes further, saying wage hikes will mean job losses as small business owners are forced to make “difficult choices,” including cutting hours and jobs.” 

How can you explain the concept of scarcity in this case? if the minimum wages increases how can we explain the scarcity concept? Which other economic concept can we explain that is related to wages increase ? will it affect how consumer behave meaning consumer behaviour etc

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