If the price of TVs produced by XYZ-TV Company increases from $1,000 to $1,250 per TV...
If the price of TVs produced by XYZ-TV Company
increases from $1,000 to $1,250 per TV set,
then the:
A) demand for labor by the XYZ-TV Company increases.
B) demand for labor by the XYZ-TV Company decreases.
C) supply of labor to the XYZ-TV Company decreases.
D) supply of labor to the XYZ-TV Company increases.
Homework Answers
Ans: demand for labor by the XYZ-TV Company increases.
Explanation:
Law of supply states that there is a direct relationship between price of a good and the quantity supplied. When price of TV increases, the XYZ-TV Company will sell more TVs. To sell more TVs, it has to produce more TVs. So, to produce more TVs more laborers are required. Therefore, the demand for labor by the XYZ-TV Company increases.
Thus, option [A] is correct answer.
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