The Price for Labor Is the Wage Rate

question 111

Multiple Choice

The price for labor is the wage rate.What happens to the supply of labor if wages increase?

• A)It increases.
• B)It decreases.
• C)It does not change.
• D)Uncertain-economic theory has no answer to this question.

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Definitions:

Marketing Planning

The process of developing strategies for promoting and selling products or services to target audiences.

Contingency Strategy

A plan developed to address potential future events or circumstances that could negatively impact operations or success.

External Strategy

A plan of action that focuses on factors outside an organization to achieve its goals.

Dynamic Strategy

A flexible, adaptive strategy that allows an organization to respond quickly to market changes, competitive actions, and external forces.