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:

Explosion

A rapid increase in volume and release of energy in an extreme manner, typically with the generation of high temperatures and the release of gases.

Reactants Mixing

The process of combining substances that react with each other to form products in a chemical reaction.

Aqueous Salt Solutions

Solutions made by dissolving salt in water, where the water is the solvent and salt is the solute.

Reaction Rate

The reaction rate refers to the speed at which reactants are converted into products in a chemical reaction, influenced by factors such as concentration, temperature, and catalysts.