long-run elasticity for labor demand is: a. 1 b. 0.8-1 c. 0-0.5 d. 0.4-0.5
long-run elasticity for labor demand is:
a. 1
b. 0.8-1
c. 0-0.5
d. 0.4-0.5
Homework Answers
In long run the elasticity for labor demand is = 1
ANALYSIS-
In the long run the elasticity for labor demand is more elastic than in the short run because a nominal change in the wage rates may bring about a greater change in the labour demand and also the labour demand greatly depends upon the demand for the product. If the demand for the product is elastic then the demand for the labor will also be elastic because of the use of labor in the production.
Add Answer to:
long-run elasticity for labor demand is:
a. 1
b. 0.8-1
c. 0-0.5
d. 0.4-0.5
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