If the Price of Labor Goes Up and a Firm

question 78

Short Answer

If the price of labor goes up and a firm replaces some workers with more machines,this is the _______ effect;when the price of a resource declines,and consequently the level of production rises,this is the _______ effect.

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Definitions:

Clinical Practitioner

A healthcare professional who diagnoses, treats, and manages patients, often in a specific area of medicine or psychology.

Abnormal Psychology

The area of psychology focused on examining atypical forms of behavior, emotions, and thought processes, which could potentially lead to the identification of a mental disorder.

Open Spaces

Areas of land, typically undeveloped, reserved for recreation, leisure, or preservation, often contributing to community health and well-being.

Dysfunction

An impairment or abnormal functioning of a bodily system or organ.