When output price rises, the labor demand curve shifts to the right – more labor is demanded at each wage. When output price falls, less labor is demanded at each wage. Technological change causes the MPL function to change, generally to in- crease at each level of L. This shifts the labor demand curve to the right.
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Answer:
False
Explanation:
Demand is inelastic
Demand is inelastic if a change in price has little or no effect on quantity demanded. The coefficient of elasticity is less than one because the percentage change in price is greater than the percentage change in quantity demanded
If demand is inelastic and prices fall, the quantity demanded would rise. But the rise in quantity demanded is less than the price reduction. Therefore, total revenue would fall.
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<u>Answer: </u>Option D
<u>Explanation:</u>
Decision making means the important and timely action that needs to be taken. Decision making has six steps involved in the process the first step is to identify the problem or the decision to be made. In the second step the possible alternatives solutions are listed. Third step is to identify the consequences of the alternatives and ways it affects other peoples.
Fourth step is to consider the values before taking the decision. Fifth step is to make decision and take action accordingly. The final and sixth step is to evaluate the decision made.
try defining what a market approach is: a method of determining the value of a product based on the selling price of similar products.
you can then proceed to think of a specific product or brand which is extremely overpriced (meaning sales volume will be low) or underpriced (meaning profit is not as much as it could be).
a simple example of this could be misjudging the value of real estate, and selling houses, land and other infrastructure for either much more or much less than you should
