Asked by Oppong Bright on Jul 22, 2024
Verified
If the selling price of a bushel of cranberries rises, we would expect the demand for labor in the cranberry industry to
A) increase.
B) decrease.
C) be unchanged.
D) increase by less than the corresponding decrease in supply.
Labor Demand
The total amount of workers that employers are willing and able to hire at a given wage rate in a certain period.
- Absorb the understanding of how the economy's demand and supply of labor is affected by the costs of goods and the pace of technological advancements.
Verified Answer
BW
Breonna WilliamsJul 23, 2024
Final Answer :
A
Explanation :
When the selling price of a bushel of cranberries rises, it typically leads to an increase in production to capitalize on the higher prices, which in turn increases the demand for labor in the cranberry industry.
Learning Objectives
- Absorb the understanding of how the economy's demand and supply of labor is affected by the costs of goods and the pace of technological advancements.