Author Question: As the wage rate increases, the quantity of labor supplied by an individual worker will: a. ... (Read 72 times)

deesands · **on:** Jun 30, 2018

As the wage rate increases, the quantity of labor supplied by an individual worker will:
a. invariably increase
b. invariably decrease.
c. first increase and then decrease.
d. first decrease and then increase.
e. remain constant.

Question 2

Which of the following is true with respect to the price elasticity of demand?
a. The coefficient of price elasticity of demand will change with changes in the units of measurement (for instance, going from pounds to ounces).
b. Elasticity of demand is equal to the slope of the demand curve.
c. Elasticity measures the sensitivity of total expenditure to a change in price of a good.
d. Elasticity will tend to be greater for a relatively expensive product than for a cheaper one.
e. A coefficient of 1 means that the percentage change in total expenditure is equivalent to the percentage change in price.