In the Specific Factors Model,a 5% Increase in the Price

question 15

Multiple Choice

In the specific factors model,a 5% increase in the price of food accompanied by a 5% increase in the price of cloth will cause in the welfare of labor,in the welfare of the fixed factor in the production of food,and in the welfare of the fixed factor in the production of cloth.

• A)an increase; a decrease; a decrease
• B)no change; no change; no change
• C)a decrease; an increase; an increase
• D)an increase; an increase; an increase
• E)a decrease; a decrease; a decrease

---

Definitions:

Firm Strategy

Firm strategy is a company’s plan to achieve its objectives and gain competitive advantage, guiding decisions on products, services, markets, and resources.

Environmental Scanning

The process of gathering, analyzing, and interpreting information about external factors that can affect an organization's future.

Invisible Disabilities

Disabilities that are not immediately apparent to others, such as chronic illnesses, mental health disorders, and neurological conditions.

Designated Group

Specific categories of individuals identified for targeted initiatives or policies, often concerning diversity, equity, and inclusion efforts within organizations.