Suppose at the Going Wage Rate of $20 Per Hour

question 205

Multiple Choice

Suppose at the going wage rate of $20 per hour, firms can hire as many hours of janitorial services as it desires. If any firm tries to lower the wage rate to $19, it will not be able to hire any janitor. What does this indicate about the supply curve for janitorial services?

• A) Supply is unit-elastic.
• B) Supply is perfectly elastic.
• C) Supply is perfectly inelastic.
• D) Supply is relatively inelastic.

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