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Author Question: The interaction of supply and demand explains A) the prices of goods and services but not their ... (Read 227 times)

londonang

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on: Jun 29, 2018
The interaction of supply and demand explains
 
  A) the prices of goods and services but not their quantities.
  B) the quantities of goods and services but not their prices.
  C) both the prices and the quantities of goods and services.
  D) neither the prices nor the quantities of goods and services.

Question 2

What is the difference between labor-saving technology and labor-complementary technology?
 
  What will be an ideal response?


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rosiehomeworddo

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

Labor-saving technology is a type of technology that can substitute for existing labor inputs, reducing the marginal product of labor. Conversely, labor-complementary technology is a type of technology that can complement existing labor inputs, increasing the marginal product of labor. The introduction of labor-saving technology shifts the demand curve for labor to the left, whereas the use of labor-complementary technology shifts the demand curve for labor to the right.


londonang

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Reply 2 on: Jun 29, 2018
Gracias!

bblaney

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Reply 3 on: Yesterday
Excellent

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