Examlex
The wage rate.is the price of a unit of labor.What happens to the supply of labor if the wage rate increases?
Demand Curve
A graphical representation showing the quantity of a good that consumers are willing and able to purchase at various prices.
Degree of Elasticity
A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.
Availability of Substitutes
The presence of alternative goods or services that consumers can use in place of another.
Inelastic
Describes a situation where the demand or supply for a good or service is not significantly altered when the price of that good or service changes.
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