If There Are a Number of Inexpensive Substitutes for Labor

question 38

Multiple Choice

If there are a number of inexpensive substitutes for labor in the production process, labor:

• A) demand will most likely be elastic.
• B) demand will most likely be inelastic.
• C) supply will most likely be elastic.
• D) supply will most likely be inelastic.

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Definitions:

Food Intake

The consumption of food substances by organisms to acquire the necessary nutrients for energy, growth, and maintenance.

Hemorrhaging

Excessive bleeding caused by the rupture of blood vessels, which can occur internally or externally.

Vitamin K

A fat-soluble vitamin that plays a critical role in blood clotting and bone metabolism.

Folate

A type of B vitamin crucial for DNA synthesis, cell division, and the production of red blood cells.