Multiple Choice
What is the relationship between the elasticity of demand for a product and the elasticity of demand for labor (that is used in producing the product) ?
A) The higher the price of the product, the higher the elasticity of demand for labor.
B) The higher the price of the product, the lower the elasticity of demand for labor.
C) The higher the elasticity of demand for the product, the lower the elasticity of demand for the product.
D) The lower the elasticity of demand for the product, the lower the elasticity of demand for the product.
E) There is not enough information to answer the question.
Correct Answer:
Verified
Correct Answer:
Verified
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