What Is the Relationship Between the Elasticity of Demand for a Product

question 152

Multiple Choice

What is the relationship between the elasticity of demand for a product and the elasticity of demand for labor (that is used in producing the product) ?

• A)The higher the price of the product, the higher the elasticity of demand for labor.
• B)The higher the price of the product, the lower the elasticity of demand for labor.
• C)The higher the elasticity of demand for the product, the lower the elasticity of demand for the product.
• D)The lower the elasticity of demand for the product, the lower the elasticity of demand for the product.
• E)There is not enough information to answer the question.

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Definitions:

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