If the Rural Wage Is 4 and the Formal Urban

question 6

Multiple Choice

If the rural wage is 4 and the formal urban wage rate is 10,there will be rural to urban migration if the formal urban unemployment rate is

• A)50%
• B)60%
• C)70%
• D)all of the above

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Definitions:

Quantity Demanded

The total amount of a product that consumers are willing and able to purchase at a given price over a specified period.

Elastic Demand

A market situation where the demand for a product is significantly influenced by changes in its price.

Elastic Demand

A situation in which the demand for a product or service significantly changes in response to changes in price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price point.