Suppose There Are Four Industries

question 82

Multiple Choice

Suppose there are four industries. Labor costs are 80 percent of total costs in industry A, 60 percent in B, 45 percent in C, and 10 percent in D. In which of these industries will a 10 percent increase in the price of labor reduce quantity demanded of labor by the largest proportion?

• A) A
• B) B
• C) C
• D) D

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Definitions:

Phenomenologists

Scholars focusing on the lived experience and consciousness to explore the fundamental nature of reality, emphasizing the importance of personal perception in understanding phenomena.

Phenomenologists

Scholars or philosophers who study phenomenology, focusing on the conscious experience and the essence of phenomena.

Positivists

A philosophical approach that emphasizes empirical and scientific methods to determine and verify positive facts.

Labeling Theory

A sociological theory that suggests the labels or definitions society applies to individuals can influence their behavior and self-identity.