A Labor-Intensive Technology Is One in Which People Must Do

question 41

True/False

A labor-intensive technology is one in which people must do most of the work.

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Definitions:

Equilibrium Quantity

The quantity of goods supplied that is equal to the quantity of goods demanded at the market equilibrium price.

Heterogeneity

The quality or state of being diverse in character or content, lacking uniformity.

Product Variety

The assortment or range of different products or versions of products available in the market, allowing consumers to choose based on preferences.

Advertising

The activity or profession of producing advertisements for commercial products or services to influence consumer behavior.