The Wage Rate Increases 8 Percent, and the Quantity Demanded

question 146

Multiple Choice

The wage rate increases 8 percent, and the quantity demanded of labor falls by 14 percent. The absolute value of the elasticity of demand for labor is

• A)0.57.
• B)1.75.
• C)0.25.
• D)5.00.
• E)none of the above

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Definitions:

Check Register

A record of all transactions in a checking account, including checks written, deposits made, fees paid, ATM withdrawals, and so on.

Bank Statement

A statement that includes all transactions that have occurred for a period of approximately one month.

Discrepancies

Differences or inconsistencies found within related facts, figures, or statements, often requiring further investigation or adjustment.

Variable N

A symbol or placeholder for an unknown or changing quantity in mathematics and science.