If the supply of labor ________, real wages rise and the amount of labor employed ________

What does it mean when the demand for a product is inelastic?

a. People will not buy any of the product when the price goes up. b. A price increase does not have a significant impact on buying habits. c. Customers are sensitive to the price of the product. d. There are very few satisfactory substitutes for the product.

If the marginal benefit of getting a college degree rises, rational people will

A) drop out of college. B) not change their behavior. C) attend college in greater numbers. D) require that college get easier. E) raise the marginal cost of attending college.