If the firms in perfectly competitive industries each have a production function given by And the price elasticity of demand for the industry's output is -1,the wage elasticity of demand for labor by the industry will be:
A)0.
C)-1.
D)-2.

Question

If the firms in perfectly competitive industries each have a production function given by And the price elasticity of demand for the industry's output is -1,the wage elasticity of demand for labor by the industry will be:
A)0. 
C)-1. 
D)-2.

Quizplus · Accepted Answer

The Answer of If the firms in perfectly competitive industries each have a production function given by And the price elasticity of demand for the industry's output is -1,the wage elasticity of demand for labor by the industry will be:
A)0. 
C)-1. 
D)-2.

If the Firms in Perfectly Competitive Industries Each Have a Production