If the percentage change in quantity demanded is smaller (in absolute value) than the percentage change in price, then demand is
a. inelastic
b. elastic
c. unit elastic
d. determined by supply
e. inadequate compared to supply
A
Economics
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Which of the following factors will not cause the labor demand curve to shift?
A) the wage rate B) changes in technology C) a change in the price of the product produced with labor D) increases in human capital
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Which one of the following is a positive economic statement?
a. An increase in the minimum wage will reduce employment for teenagers. b. The minimum wage should be increased. c. Social justice will be served by increasing the minimum wage. d. Thoughtful people oppose an increase in the minimum wage.
Economics