The Supply Curve of a Human Resource Will Be More

question 118

Multiple Choice

The supply curve of a human resource will be more elastic the

• A) easier it is to obtain the skill and knowledge necessary to provide the resource.
• B) more elastic the demand for the product.
• C) more inelastic the demand for the product.
• D) higher the skill level necessary to perform the job.

---

Definitions:

Direct Labor

The labor costs directly associated with the production of goods or the provision of services, typically including wages paid to workers who physically manufacture products.

Manufacturing Costs

Expenses directly related to the production of goods, including materials, labor, and overhead.

Work In Process

Refers to the portion of inventory that is currently in the process of being manufactured but is not yet completed.

Cost of Goods Manufactured

The total cost incurred by a company to produce goods in a certain period. This includes costs of raw materials, labor, and overhead expenses associated with the manufacturing process.