In Competitive Markets, the Elasticity of Labor Supply Is

question 23

Multiple Choice

In competitive markets, the elasticity of labor supply is:

• A)unrelated to time.
• B)inversely proportional to time elapsed since a wage change.
• C)unity.
• D)directly proportional to time elapsed since a wage change.

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Definitions:

Variable

In economic and mathematical contexts, a variable is an element, feature, or factor that is liable to vary or change.

Infinite Slope

A mathematical concept where a line or curve on a graph approaches a vertical position, indicating a very steep, immeasurable change.

Curve

A smooth, continuous line or path that is not straight, often used in mathematics and economics to represent relationships between variables.

Line

In geometry, a line is an infinitely long, straight one-dimensional figure having no thickness and extending in both directions.