Suppose There Are Four Industries

question 375

Multiple Choice

Suppose there are four industries. Labor costs are 20 percent of total costs in A, 40 percent in B, 60 percent in C, and 80 percent in D. A ten percent increase in the price of labor will cause industry ________ to reduce quantity demanded of labor by the largest proportion.

• A) A
• B) B
• C) C
• D) D

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Definitions:

Direct Physical Contact

Personal interaction that involves touch or face-to-face communication, often considered more impactful or genuine than virtual communication.

Norms

Shared beliefs or guidelines within a group or culture about how members should behave in certain situations.

Required Behaviours

The necessary actions or conduct prescribed by an organization or a system for members or participants to follow.

Nature of Tasks

Refers to the intrinsic characteristics, complexities, and requirements of job-related activities.