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Question
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
This answer is hidden. It contains 1 characters.
Related questions
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Which of the following statements is FALSE?
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Assume that coffee and tea are substitutes. Given a downward sloping demand curve for tea, an increase in the price of tea will causeA) an increase in the demand for coffee. B) a decrease in the demand for coffee.C) a leftward shift of the demand curve for tea. D) a leftward shift in the demand for coffee.
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Discuss the relationship between world trade and world Gross Domestic Product (GDP) since the early 1950s.
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The United Statesʹ balance of payments is likely to improve whenA) there is an increase in political instability in other countries.B) the inflation rate in the United States rises relative to other countries.C) the American government increases its spending on foreign aid. D) American people want to invest more in foreign countries.