Multiple Choice
Suppose that the labor cost to total cost ratio in industry A is 82 percent, while in industry B it is 21 percent. Other things equal, labor demand will be
A) more elastic in industry A than in B.
B) relatively inelastic in both industries A and B.
C) more elastic in industry B than in A.
D) relatively elastic in both industries A and B.
Correct Answer:
Verified
Correct Answer:
Verified
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