Assume That Labor Is the Variable Input for a Firm

question 95

Multiple Choice

Assume that labor is the variable input for a firm.Which of the following will occur if the wage rate increases?

• A)Its average variable cost,average fixed cost,average total cost,and marginal costs will increase.
• B)Its average variable cost and average total costs will increase and profits will decrease.
• C)Its marginal cost,average total costs,and output will increase.
• D)Its marginal cost and average variable costs will increase.

Differentiate between race and ethnicity and grasp their social implications.

Explain the concept and objectives of affirmative action.

Recognize the role of social structures in the economic outcomes of ethnic groups.

Detail the phenomenon of ethnic enclaves and assess their significance.

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Definitions:

"Me Too" Strategy

A business approach where companies mimic successful products or services, aiming to capture a share of an established market.

Competitive Parity

A strategy in marketing where companies set their prices or budgets to match their competitors', aiming for a similar market position.

Differentiation Strategy

A business approach where a company develops unique products or services to stand out from competitors in its industry.

Differentiation Focus Strategy

A generic business strategy that requires products to have significant points of difference to target one or only a few market segments.