The Price Elasticity of Demand for Labor Will Be Greater

question 338

Multiple Choice

The price elasticity of demand for labor will be greater, the

• A) smaller is the price elasticity of demand for the final product.
• B) easier it is to employ substitute inputs in production.
• C) smaller is the proportion of wage costs in the total cost of production.
• D) shorter is the time period under examination.

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Definitions:

Parallel Logic

A method of computation or digital circuit design where multiple processes or operations are carried out simultaneously.

AND Logic

A fundamental logic operation where the output is true only if all the inputs are true, used in computing and digital circuits.

Contacts

Electrical components that physically connect two points in a circuit, allowing electricity to flow, or in software applications, they refer to information records for individuals or organizations.

Output Instructions

Commands in programming languages or PLCs that control the output actions or devices, based on logic or conditions.