Which of the Following Is a Correct Statement of the Relationship

question 7

Multiple Choice

Which of the following is a correct statement of the relationship between advances in technology and the demand for labor?

• A) The demand decreases for some types of labor and increases for other types of labor.
• B) The demand for labor always decreases when technology advances.
• C) The demand for labor always increases when technology advances.
• D) Technology advances when the demand for labor advances.
• E) None of the above answers is correct.

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Definitions:

Opportunity Cost

The expense incurred by not choosing the second-best option during decision-making.

Managerial Decision

Choices or judgments made by managers in the context of strategic planning and resource allocation to achieve business objectives.

Short-term

Referring to a period of time typically less than one year, used in context of planning, finance, or objectives.

Outsourcing

The practice of hiring third parties to perform services or produce goods traditionally done in-house, often to cut costs.