If Sara's Elasticity of Labor Supply Is 1

question 65

Multiple Choice

If Sara's elasticity of labor supply is 1.5 and she increases her supply of labor by 5 percent, then the wage rate must have

• A) Increased by 3.3 percent.
• B) Increased by 3.0 percent.
• C) Increased by 7.5 percent.
• D) Decreased by 7.5 percent.

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