As a result of recent layoffs in the tech sector of the economy, there is a...
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As a result of recent layoffs in the tech sector of the economy, there is a current surplus of workers in this field. This means that: 1. This market is in equilibrium but the resource directing role of prices is not working. 2. An increase in the minimum wage in 2023 will be needed to restore equilibrium. 3. The information being conveyed is that wages are still above equilibrium in the high-tech sector of the economy. 4. The quantity of labor demanded is lower than quantity supplied, so salaries should rise. 5. The supply of labor will be greater than the demand so wages will remain stagnant. As a result of recent layoffs in the tech sector of the economy, there is a current surplus of workers in this field. This means that: 1. This market is in equilibrium but the resource directing role of prices is not working. 2. An increase in the minimum wage in 2023 will be needed to restore equilibrium. 3. The information being conveyed is that wages are still above equilibrium in the high-tech sector of the economy. 4. The quantity of labor demanded is lower than quantity supplied, so salaries should rise. 5. The supply of labor will be greater than the demand so wages will remain stagnant.
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Auditing The Art and Science of Assurance Engagements
ISBN: 978-0133098235
12th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser
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