Factors That Affect the Elasticity of Demand for Labor Include

question 239

Multiple Choice

Factors that affect the elasticity of demand for labor include all of these EXCEPT

• A) elasticity of demand for the product.
• B) ease of input substitutability.
• C) labor's share of total production costs.
• D) population demographics.

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Definitions:

Sales Discounts

Price reductions offered by sellers to encourage prompt payment by buyers.

Credit Sales

Sales made by a business where payment is allowed to be deferred until a later date.

Perpetual Inventory System

An inventory management method where updates are made continuously to record sales and purchases instantly.

Merchandise Inventory Account

An account on the balance sheet that represents the cost of goods available for sale, including items purchased for resale.