Training to Improve Skills and Knowledge Should Be

question 78

Multiple Choice

Training to improve skills and knowledge should be

• A) used only when problems arise.
• B) for new hires only.
• C) for new hires and current employees.
• D) conducted on an annual basis.

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Definitions:

Price Elasticity

A measure of how sensitive the quantity demanded of a good is to a change in its price.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, typically downward sloping.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell at each price level.

Elastic

Describes a situation in which the quantity demanded or supplied of a good or service changes significantly in response to a change in price.