Other Things Being the Same, If the Demand for Labor

question 109

Multiple Choice

Other things being the same, if the demand for labor is inelastic,

• A)decreases in wage rates will result in greater payrolls.
• B)increases in wage rates will result in greater payrolls.
• C)increases in wage rates will result in smaller payrolls.
• D)decreases in wage rates will increase both employment and worker incomes.

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Definitions:

Work-Centre Master File

A work-centre master file is a comprehensive database containing details about production centers in a manufacturing environment, including capabilities, capacities, and scheduling information.

Wage and Hour Law

Legislation that sets the standards for minimum wage, overtime pay, and other administrative requirements affecting employees in their place of work.

Labour Scheduling

The process of assigning work hours to employees in a way that meets both the operational needs of the business and the preferences or constraints of its workers.

Union Contracts

Legally binding agreements between labor unions and employers that outline the terms of employment, wages, benefits, and conditions of work.