The Widget Industry Is Competitive

question 10

Multiple Choice

The widget industry is competitive. Widgets (W) are produced with skilled labor (S) such that each skilled labor produces c widgets such that W = aC. If technological progress makes skilled labor more productive, then more skilled workers will be employed

• A) only when the demand for widgets is price inelastic.
• B) only when the demand for widgets in price elastic.
• C) no matter what the price elasticity of demand is.
• D) fewer skilled workers will be employed no matter what else happens.

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The completed output or outcome of a process that is ready for use or consumption.

Anti-American Sentiment

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Global Marketplace

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