Question on: SS2 Economics - Concept of Elasticity And Its Application
How is elasticity used to help allocate resources in an economy?
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A
If the elasticity of demand for a certain type of labor is high, firms may be more willing to hire workers with that skill set.
B
Elasticity has no effect on resource allocation in an economy.
C
If the elasticity of demand for a certain type of labour is low, firms may be less willing to hire workers with that skill set
D
If the elasticity of demand for a certain type of labour is high, firms may be less willing to hire workers with that skill set.
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Correct Option: A
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