Examlex
Which of the following statements is false?
Labor Supply
The total hours that workers are willing and able to work at a given wage rate, in a given time period.
Elastic
In economics, elastic refers to how the quantity demanded or supplied of a good responds to changes in its price; high elasticity indicates sensitivity to price changes.
Cross-price Elasticity
Cross-price Elasticity measures the responsiveness of the demand for one good to a change in the price of another good.
Elasticity of Supply
A measure of how much the quantity supplied of a good changes in response to a change in price.
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