Examlex
When labor productivity increases, the demand for labor curve ________ and the supply of labor curve ________.
Price Inelastic
Describes a situation in which the demand for a good or service changes little with a change in price.
Extraordinarily Large
A term used to describe a magnitude or amount that significantly exceeds what is common or expected.
Crop
A plant or plant product that is grown and harvested extensively for profit or subsistence.
Cross Elasticity
A measure of how the quantity demanded of one good responds to a price change of another good.
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