The price elasticity of demand for labor will be greater, the
A) greater is the price elasticity of demand for the final product.
B) more difficult it is to employ substitute inputs in production.
C) smaller is the proportion of wage costs in the total cost of production.
D) shorter is the time period under examination.
A
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Explain what happens to the magnitude of price elasticity of demand as price increases along a straight-line demand curve.
What will be an ideal response?
Have redistribution programs decreased poverty since 1968? Discuss the role of program administrators and their bureaus in explaining your answer
What will be an ideal response?
Many bars close to campuses have started offering cheaper beer to consumers with a student ID. These bars
a. Assume students have a inelastic demand curve b. Assume students have an elastic demand curve c. Are practicing price discrimination d. Both b and c