The Employer Need Not Give Written Notice of the Closing

question 34

True/False

The employer need not give written notice of the closing or mass layoff to the employees (or their representative), the state economic development officials, or the chief elected local government official.

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Definitions:

Profit

Profit is the financial return or gain achieved from an investment or business venture after subtracting all expenses and costs.

Equilibrium Price

The price at which the quantity of a good or service supplied matches the quantity demanded, leading to market balance.

Competitive Price-Taker

A firm or individual that has no influence over the market price and must accept the prevailing market price for its product or input.

Profit

The financial gain made in a transaction or operation, calculated as the difference between the revenue earned and the costs incurred.