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When firms face reduced demand for their goods and services during recessions, behavioral economics suggests that the firm should Multiple Choice reduce pay just for the salaried employees, not the hourly production workers. cut production and lay off workers according to the percent decline in sales. increase morale by increasing production and hiring more workers. explain to the workers that in order to make it through the recession, they all need to take a pay cut.

Answer :

Answer:

Cut Production and lay off workers according to the percent decline in sales.

Explanation:

When there is a decline in demand for goods and services, there is a lower demand for labor. This means that companies and organizations cut costs and try to reduce as much of the losses as possible by laying off workers according to the percent decline in sales.

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