All of the Following Make the Demand for Labor More

question 320

Multiple Choice

All of the following make the demand for labor more elastic EXCEPT

• A) greater elasticity of demand for the final product.
• B) the longer the time period under consideration.
• C) the smaller the proportion of total costs accounted for by labor.
• D) the easier it is to substitute another input for labor.

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Definitions:

Vanilla Beans

The fruit pods harvested from orchids of the genus Vanilla, primarily used for flavoring in culinary applications.

Surplus

At a given price, the amount by which quantity supplied exceeds quantity demanded; a surplus usually forces the price down.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Lobster Farms

Aquaculture facilities dedicated to the breeding, raising, and harvesting of lobsters for commercial use and consumption.