Explain to worker that in order to make it through recession

Reference no: EM133659092

Problem: When firms face reduced demand for their goods and services during recessions, behavioral economics suggests that the firm should Multiple Choice cut production and lay off workers according to the percent decline in sales. Explain to the workers that in order to make it through the recession, they all need to take a pay cut. Shut down until the recession is over. Increase morale by increasing production and hiring more workers.

Reference no: EM133659092

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