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Marcella,an experienced head nurse,is given the task of completing the summer vacation schedule for the pediatric unit.She is fully aware of the hospital's restrictions on time off and the number of staff on vacation at any given time,in addition to its issues regarding seniority.She weighs the options of allowing staff choice,such as it takes more time but gives employees options.However,if choice is allowed,this could cause arguments.Which of the following is the best alternative?
Income Elasticity
Measures how the demand for a product or service changes in response to changes in consumer income.
Positive Elasticity
Occurs when the demand for a product increases as the price increases, indicating a direct relationship between price and demand.
Inelastic Demand
A situation where the demand for a product does not change significantly with a change in the price of that product.
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