If the Wage Rate Rises,labor's Share in the Total Costs

question 8

Multiple Choice

If the wage rate rises,labor's share in the total costs of a production process

• A)will increase.
• B)will decrease.
• C)may increase or decrease depending on the elasticity of demand for the product.
• D)may increase or decrease depending on the ease of substitution of other inputs for labor.

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Definitions:

Standard Deviation

An indicator of the range or distribution of a data set, showing the degree to which the values diverge from the average.

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A statistical term for the range within which we expect, with a certain level of confidence, that a population parameter lies based on a sample statistic.

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