The Figure Given Below Represents Equilibrium in the Labor Market

question 5

Multiple Choice

The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor

-The more inelastic the supply of a particular resource:

• A)the higher are its transfer earnings.
• B)the higher is its economic rent.
• C)the higher are its total earnings.
• D)the higher is the elasticity of demand for the resource.
• E)the lower is the elasticity of demand for the resource.

Know the importance of ease of doing business with a company from the customer's perspective.

Grasp the measures and metrics used to assess customer service effectiveness.

Understand how companies leverage web-based technologies and metrics to enhance customer satisfaction and service.

Understand the principles of customer orientation and how it drives company strategies.