Asked by
Sirabhop Juprasert
on Oct 26, 2024Verified
A shift in demand for a given factor of production will NOT occur if:
A) the price of that factor falls.
B) the productivity of that factor increases.
C) the productivity of that factor decreases.
D) there is a decrease in the price of a substitute factor.
Substitute Factor
A factor or input that can be used in place of another to produce a good or service.
Factor Production
Refers to the inputs or resources used in the process of producing goods and services, including land, labor, capital, and entrepreneurship.
- Investigate the consequences of labor productivity adjustments on the need for labor.
Verified Answer
AH
Learning Objectives
- Investigate the consequences of labor productivity adjustments on the need for labor.