A Change in a Price of a Substitute Input for Labor

question 33

Multiple Choice

A change in a price of a substitute input for labor will cause

• A) a change in the demand for labor in the opposite direction of the price change.
• B) no change in the demand for labor.
• C) a change in the supply of labor in the opposite direction of the price change.
• D) a change in the demand for labor in the same direction of the price change.

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Definitions:

Strategic Importance

Significance associated with a decision or action that affects the long-term objectives and competitive positioning of an organization.

Strategic Management

The ongoing planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its goals and objectives.

Competitive Advantages

Unique attributes or capabilities that allow a company to outperform its competitors, including superior products, processes, or technologies.

Intangible

Describes assets or values not having physical substance but still of great importance, such as brand reputation, intellectual property, or goodwill.