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Demand for employees? |
The Glaxo-Wellcome Company had a monopoly on AZT, a pharmaceutical that delays the onset of AIDS after some has become HIV positive. The demand for that pharmaceutical was virtually perfectly price-inelastic. How might that affect the demand for employees by the Glaxo-Wellcome Company. Demand for employees will not be affected too much. For sure it will not rise because produced quantity will relatively remain the same but technology improves. Even more - demand for workers it will trend to fall a bit over time. Only thing is - it will be relatively more elastic (but not elastic by itself). |
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