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In a Competitive Industry,output Is Produced with Skilled and Unskilled

question 3

Multiple Choice

In a competitive industry,output is produced with skilled and unskilled labor.Factor-biased technical change that increases the productivity of skilled labor,will,at a given ratio of skilled to unskilled labor,shift any given isoproduct curve ________ the origin and ________ the absolute slope of the isoproduct curve (when the number of skilled workers is measured along the horizontal axis) .Pick the best pair of answers.

Definitions:

Market Orientation

A business approach that prioritizes identifying and meeting the needs and desires of consumers through product innovation, promotion, and distribution.

Product Innovation

The creation or significant improvement of goods or services that deliver new value to the customer, potentially changing the market or the consumer's interaction with the market.

Prospective Buyers

Individuals or organizations considered likely to purchase a product or service based on certain demographics, interests, or behaviors.

Sales Era

A period in business history when the primary marketing strategy was aggressive sales techniques, focusing on the needs of the seller rather than the buyer.