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Katelyn Voris
on Dec 19, 2024

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The demand for labor would most likely become less inelastic as a result of

A) a decrease in the elasticity of the demand for the product that the labor produces.
B) a decrease in the time for employers to make technological changes or purchase new equipment.
C) a decrease in the proportion of labor costs to total costs.
D) an increase in the proportion of labor cost to total costs.

Inelastic

Characterizes a condition in which the demand for a good or service is relatively unresponsive to changes in its price.

Elasticity of the Demand

A measure of how the quantity demanded of a good responds to a change in its price.

Technological Changes

Innovations or improvements in technology that enhance productivity, efficiency, or quality in the production of goods and services.

  • Understand the relationship between the elasticity of demand for labor and the elasticity of demand for the product it produces.
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kuyet danielDec 25, 2024
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