When Demand for a Firm's Product Decreases,the Firm Can Take

question 30

Essay

When demand for a firm's product decreases,the firm can take a number of steps to adjust costs and quantities supplied to the market.Some are listed below.Which actions are short run and which are long run? Explain your reasoning.
a.Layoff 25 percent of the firm's existing employees.
b.Declare bankruptcy and sell all of the firm's plant and equipment.
c.Require management personnel to take a significant cut in pay.
d.Furlough employees for 3 days each month.
e.Move to a smaller production facility.

Improve proofreading skills to spot and correct errors in text.

Develop an awareness of the importance of precision in language.

Enhance vocabulary through the recognition and application of correctly used words.

Apply rules of grammar and syntax to choose the correct word in a given context.

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Definitions:

Union Certification

The official recognition of a labor union as the bargaining agent for a group of employees, following a legal or formal approval process.

Labour Relations Board

is a government agency responsible for regulating labor relations, including the certification of unions, oversight of collective bargaining, and adjudication of labor disputes.

Joining A Union

The process by which employees become members of a labor union, often seeking to improve working conditions, pay, or benefits through collective bargaining.