Higher price elasticity of demand means that a consumer's demand is:
A) more responsive to price changes.
B) less responsive to price changes.
C) less responsive to income changes.
D) more responsive to income changes.
Question 2
Which of the following correctly identifies the difference between the demand for labor and the demand for final goods?
A) The demand for labor is fixed over time, whereas the demand for final goods changes according to changes in tastes and preferences.
B) The demand for final goods is fixed over time, whereas the demand for labor changes according to the changes in tastes and preferences.
C) The demand for final goods is derived from the demand for labor, whereas the demand for labor is independent of the demand for final goods.
D) The demand for labor is derived from the demand for final goods, whereas the demand for final goods is independent of the demand for labor.
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