If the Quantity of Auto Workers Demanded Decreases from 66,000

question 25

Multiple Choice

If the quantity of auto workers demanded decreases from 66,000 to 54,000 when the equilibrium wage increases from $12.00 per hour to $14.00 per hour,then the own-wage elasticity of demand for these workers is

• A) inelastic.
• B) elastic.
• C) zero.
• D) neither elastic nor inelastic.

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Definitions:

Check

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Drawer

In financial contexts, refers to the person who writes or issues a cheque or draft instructing the bank to pay a specific amount of money.

Draft

An order or bill of exchange instructing the payment of a specified sum of money from one party to another, often used in international trade.

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.