Examlex
Describe the four quality-related costs and tell how they are related.
Inelastic
Describes a situation where the demand or supply for a good or service is less responsive to changes in price.
Elastic Demand
A situation in economics where the demand for a product is sensitive to price changes, leading to a significant change in quantity demanded if the price increases or decreases.
Wage Increase
Refers to the rise in the hourly, daily, or monthly payments made to employees for their work or services.
Total Payroll
The complete amount of money a business pays to its employees over a specific period, including wages, salaries, bonuses, and deductions.
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