In Comparing Two Otherwise Identical Industries X and Y,an Economist

question 60

Multiple Choice

In comparing two otherwise identical industries X and Y,an economist finds that labor demand is less elastic in industry X.Which of the following would support this finding?

• A)Capital and labor are less easily substituted for one another in X than in Y
• B)Labor costs as a percentage of total costs are relatively higher in X than in Y
• C)Product demand elasticity is higher in X than in Y
• D)Substitute resources have a more elastic supply in X than in Y

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Definitions:

Training Purposes

The rationale behind conducting educational programs or activities aimed at enhancing the skills, knowledge, and competency of employees for better performance.

Experiential Learning

An educational approach where learners gain knowledge and skills through hands-on, practical experiences rather than through traditional academic instruction.

Hands-on Learning

An educational approach that involves learning through direct experience and active participation, as opposed to theoretical or lecture-based learning.

Job Tasks

Specific duties or responsibilities assigned to an individual in their role or position within an organization.