[Solved] Assume That the Coefficient of Elasticity of Product Demand Is

Question 251

Multiple Choice

Question 251

Multiple Choice

Assume that the coefficient of elasticity of product demand is 0.5 in industry A and is 3.2 in industry B. Other things equal, labor demand will be

A)more elastic in industry A than in B.
B)relatively elastic in both industries A and B.
C)more elastic in industry B than in A.
D)relatively inelastic in both industries A and B.

Correct Answer:

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