Democrats argue that labor demand is _, so _ jobs will be lost when the minimum wage is raised....
Question:
Democrats argue that labor demand is _, so _ jobs will be lost when the minimum wage is raised.
A) inelastic; few
B) inelastic; many
C) elastic; few
D) elastic; many
Elasticity of demand
Elasticity of demand refers to the responsiveness of quantity demanded of a good with respect to the changes in the price of the good. For example, if the elasticity is -2, it shows that for every 1 percent increase in the price of a good, the demand for the good decreases by 2 percent.
Answer and Explanation: 1
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View this answerAnswer: A.
Demand for labor could be considered inelastic because regardless of the changes in wages, the demand for labor does not change as much....
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Price Elasticity of Demand: Definition, Formula & Example
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Chapter 3 / Lesson 54
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Learn what price elasticity is. Discover how to find price elasticity of demand, study examples of price elasticity, and examine a price elasticity graph.
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