The Demand for Labor Is Different from the Demand for Final

question 210

Multiple Choice

The demand for labor is different from the demand for final goods and services because

• A)the demand for labor is derived from the demand for the good or service the labor is used to produce.
• B)it is a demand for people, not inanimate objects.
• C)the demand for labor is more inelastic than the demand for the goods and services produced with this labor.
• D)the law of demand does not apply to the demand for labor.

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Definitions:

Accounting Transaction

An economic event that changes a company’s financial statements, involving the transfer of value between two parties.

Public Accountants

Accounting professionals who provide services such as auditing, tax preparation, and consulting to the general public.

Management Consulting

Professional services that aim to help organizations improve their performance, primarily through the analysis of existing organizational problems and development of plans for improvement.

Luca Pacioli

Known as the father of accounting and bookkeeping, he was the first to publish a work on the double-entry system of bookkeeping.