The Statement "Other Things Being Equal" in the Law of Demand

question 57

Multiple Choice

The statement "other things being equal" in the law of demand means all of the following remain constant EXCEPT

• A) consumer income.
• B) the price of the good concerned in the law of demand.
• C) the prices of substitutes.
• D) tastes and preferences.

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Definitions:

Labor Demand

The total amount of workers that employers are willing and able to hire at a given wage rate in a certain period.

Technological Advance

Improvements or innovations in technology that enhance productivity or efficiency in production processes.

Marginal Product

The additional output generated by employing one more unit of a factor of production.

Demand for Crew

The need or requirement for staff or team members, particularly in sectors such as aviation, maritime, and entertainment, where specific skill sets are necessary for operations.