Post Utme Bowen University 2025 Economics Question 7

Practice objective / multiple choice question 7 from the 2025 Post Utme Bowen University Economics examination.

Post Utme Bowen University 2025 Economics Objective / Multiple Choice
Question 7 POST_UTME_BOWEN_UNIVERSITY • 2025 • ECONOMICS • objective

A firm's demand for labor is said to be elastic if a small change in the wage rate leads to a large change in the quantity of labor demanded. Which of the following is a characteristic of an elastic demand for labor?

Answer Options

A. A small change in the wage rate leads to a small change in the quantity of labor demanded
Correct Answer B. A small change in the wage rate leads to a large change in the quantity of labor demanded
C. A large change in the wage rate leads to a small change in the quantity of labor demanded
D. A large change in the wage rate leads to a large change in the quantity of labor demanded
Correct Answer
B
Correct Option:
A small change in the wage rate leads to a large change in the quantity of labor demanded

About This Question

This is Post Utme Bowen University 2025 Economics Question 7. It is one of the objective questions from the 2025 Post Utme Bowen University Economics examination.

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