The price elasticity of demand for labor will be smaller, the

A) greater is the price elasticity of demand for the final product.
B) easier it is to employ substitute inputs in production.
C) smaller is the proportion of wage costs in the total cost of production.
D) longer is the time period under examination.


Answer: C

Economics

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"Bill Gates has made billions of dollars producing and marketing computer software. Many workers and consumers must have observation suffered in order for Gates to amass such enormous wealth." The person who made this

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An example of a good or service that would count in the U.S. GNP would be a bag of coffee made in:

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