If the Quantity of Labor Supplied Increases by 5 Percent

question 128

Multiple Choice

If the quantity of labor supplied increases by 5 percent when the wage increases by 10 percent, the elasticity of labor supply is:

• A) 1/5.
• B) 1/2.
• C) 2.
• D) 5.

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Definitions:

Renal Failure

A medical condition where the kidneys lose their ability to filter waste products from the blood, leading to accumulation of toxins.

Hypertension

A chronic medical condition in which the blood pressure in the arteries is persistently elevated.

Atrial Natriuretic Hormone

A hormone secreted by the heart's atria that regulates fluid and electrolyte homeostasis.

Urine Production

The physiological process of producing urine, involving the kidneys filtering waste products and excess substances from the blood.