When Demand Is Elastic

question 15

Multiple Choice

When demand is elastic

• A) a proportionately small change in price leads to a proportionately large change in quantity supplied.
• B) a proportionately small change in price leads to a proportionately small change in quantity supplied.
• C) a proportionately small change in price leads to a proportionately large change in quantity demanded.
• D) a proportionately small change in price leads to a proportionately small change in quantity demanded.

Recognize the roles of different workforce strategies such as downsizing, hiring freezes, and early retirement in organizational restructuring.

Evaluate the effects of outsourcing and temporary employment on organizational efficiency and employee commitment.

Understand the implications of labor demand prediction strategies on workforce planning.

Analyze the advantages and disadvantages of downsizing as a strategy to handle labor surplus.

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Definitions:

Premium

The amount paid for an insurance policy or the extra cost above the normal price of a product or service, often associated with higher quality or benefits.

Insurance Companies

Businesses that protect their clients against financial losses from certain specified risks (death, accident, and theft, for example).