If On-The-Job Experience Causes Labor Productivity to Increase,that Is the Result

question 58

True/False

If on-the-job experience causes labor productivity to increase,that is the result of an improvement in human capital.

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Definitions:

Elasticity Evidence

Data or information demonstrating the responsiveness of the quantity demanded or supplied of a good or service to changes in its price.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, opposite to a normal good.

Normal Good

A type of good for which demand increases as the income of individuals increases, indicating a direct relationship between income and demand.

Demand-Increasing Factor

Elements or conditions that lead to an increase in demand for a product or service, such as a rise in consumer income or a change in tastes.