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If the Demand for a Product That Labor Produces Is

Question 57

Multiple Choice

If the demand for a product that labor produces is highly elastic, a small percentage increase in price will __________ quantity demanded of the product by a relatively __________ percentage, which, in turn, will __________ the demand for the labor that produces the product.


A) increase; small; slightly reduce
B) decrease; small; greatly increase
C) decrease; large; greatly increase
D) decrease; large; greatly reduce
E) increase; large; greatly reduce

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