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​Figure 53

Question 11

Multiple Choice

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. ​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -If a 1 percent change in the price of a good causes a 1 percent change in the quantity demanded of that good, then the demand is said to be: A) perfectly elastic. B) income elastic. C) unit-elastic. D) inelastic. E) perfectly inelastic.
-If a 1 percent change in the price of a good causes a 1 percent change in the quantity demanded of that good, then the demand is said to be:


A) perfectly elastic.
B) income elastic.
C) unit-elastic.
D) inelastic.
E) perfectly inelastic.

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