As a consumer spends a larger share of his income on a particular good, the price elasticity of demand for that good:
A) increases.
B) decreases.
C) initially decreases then increases.
D) remains the same.
Question 2
The market supply curve for labor in a perfectly competitive labor market:
A) is horizontal or perfectly elastic.
B) is vertical or perfectly inelastic.
C) can be derived by vertically adding the individual supply curves of labor.
D) can be derived by horizontally adding the individual supply curves of labor.
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