A Labor Supply Elasticity of 1

question 87

Multiple Choice

A labor supply elasticity of 1.4 means that a wage increase of:

• A) 10 percent will reduce the quantity of labor supplied by 14 percent.
• B) 10 percent will increase the quantity of labor supplied by 14 percent.
• C) 14 percent will reduce the quantity of labor supplied by 10 percent.
• D) 14 percent will increase the quantity of labor supplied by 10 percent.

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Definitions:

Mesophyll

The inner tissue of a leaf, containing many chloroplasts, where photosynthesis occurs.

Palisade

in plant biology refers to the layer of closely packed cells in the leaves of plants where photosynthesis predominantly takes place.

Spongy Layers

Part of a plant's leaves, specifically within the mesophyll, that consists of loosely arranged cells with spaces between them for gas exchange.

Parallel Venation

A pattern of plant leaf venation where veins run parallel to each other along the length of the leaf, common in plants like grasses.