In 2011,employers Generally Paid $700 Annually Per Private Sector Employee

question 43

True/False

In 2011,employers generally paid $700 annually per private sector employee for workers' compensation protection. (Cost of Workers' Compensation Insurance)

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Definitions:

Inferior Good

A type of good whose demand decreases when consumer income rises, unlike normal goods, which see an increase in demand with rising income.

Income Elasticity

A measure of how much the quantity demanded of a good responds to a change in consumers' income.

Labor-supply Curve

A graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to supply.

Elasticity Positive

Positive elasticity indicates that when the price of a good or service increases, the quantity demanded increases, or vice versa, showing a direct relationship between price and demand.