If the Price of Labor Falls Relative to the Price

question 55

Multiple Choice

If the price of labor falls relative to the price of capital, and as a result the quantity of capital employed decreases, then it can be concluded that

• A) the substitution effect is greater than the output effect.
• B) the output effect is greater than the substitution effect.
• C) the income effect is greater than the output effect.
• D) labor cannot be easily substituted for capital.

Grasp the necessity of statistical methods in benchmarking for quality improvement.

Comprehend the components of a continuous quality improvement structure.

Distinguish between safety initiatives and non-safety initiatives within healthcare settings.

Evaluate methods for selecting processes for improvement.

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