One Difference Between the Labor Market and Markets for Goods

question 54

Multiple Choice

One difference between the labor market and markets for goods and services is

• A) the demand in the labor market is inelastic; the demand for goods and services may be elastic or inelastic.
• B) the supply of labor is perfectly inelastic because the quantity supplied is constant. The elasticity of supply for goods and services is different in different markets.
• C) concepts of fairness arise more frequently in labor markets than in the markets for goods and services.
• D) in the labor market, firms are suppliers while households are demanders.

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Definitions:

Order-taker Salespeople

Sales staff whose primary role is to take and process orders rather than actively sell a product or service.

Consultative Seller

A sales approach where the seller acts more as an advisor, understanding the needs of the buyer and offering solutions that specifically address those needs, rather than just pushing for a sale.

Trusted Advisor

A role or relationship in which an individual or organization provides expert advice and guidance in a particular area, earning high levels of trust from clients.

Missionary Salespeople

Sales representatives whose primary role is to promote the company’s products indirectly by educating potential customers, rather than directly selling the product.