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Which statement best explains how the substitution effect impacts labor as a factor of production? Scarcity of a reliable workforce leads to increased rates of unemployment. Falling salaries cause a large staff turnover and hostile working environment. Increased wage demands may lead to worker layoffs in favor of machinery. Inexperience workers are more likely to receive professional training.
Which statement best explains how the substitution effect impacts labor as a factor of production?
- Scarcity of a reliable workforce leads to increased rates of unemployment.
- Falling salaries cause a large staff turnover and hostile working environment.
- Increased wage demands may lead to worker layoffs in favor of machinery.
- Inexperience workers are more likely to receive professional training.
