​Figure 53

question 69

Multiple Choice

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market.
-What would be the consequence of a 10 percent decrease in the price of a good for which price elasticity of demand is 5?

• A)A 50 percent decrease in the quantity demanded
• B)A 5 percent increase in the quantity demanded
• C)A 50 percent increase in the quantity demanded
• D)A decrease in the quantity demanded by 0.2 units
• E)An increase in the quantity demanded by 0.2 units

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