Which of the Following Has a Production Process That Would

question 28

Multiple Choice

Which of the following has a production process that would be considered labor intensive?

• A)Hairstyling services
• B)Farming in a rich country
• C)T-shirt production
• D)All of these would be considered labor intensive.

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Definitions:

Equilibrium Price

The cost at which the amount of a product or service being sought after matches the amount being offered, resulting in a stable market.

Equilibrium Quantity

The quantity of goods or services supplied is exactly equal to the quantity demanded at a particular price.

Shift Demand

A change in the quantity demanded at every price level, resulting in the demand curve moving left or right.

Complement

A good or service that is used together with another, where an increase in demand for one leads to an increase in demand for the other.