Solved

​Figure 53

Question 31

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 the percentage change in the quantity demanded of a good is greater than the percentage change in the price of the good, then the demand for the good is _____. A) inelastic B) relatively elastic C) unit-elastic D) perfectly inelastic E) income elastic
-If the percentage change in the quantity demanded of a good is greater than the percentage change in the price of the good, then the demand for the good is _____.


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

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q26: Scenario 5.1<br>The demand for noodles is given

Q27: Scenario 5.1<br>The demand for noodles is given

Q28: Scenario 5.1<br>The demand for noodles is given

Q29: Scenario 5.1<br>The demand for noodles is given

Q30: Scenario 5.1<br>The demand for noodles is given

Q32: Scenario 5.1<br>The demand for noodles is given

Q33: The figure given below shows the demand

Q34: Scenario 5.1<br>The demand for noodles is given

Q35: Scenario 5.1<br>The demand for noodles is given

Q36: ​Figure 5.3. The figure shows the wage