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Q16 - If the price elasticity of demand is 1, demand is 1. Upward sloping. 2....

Q16 - If the price elasticity of demand is 1, demand is

1. Upward sloping.

2. Inelastic

3. Unitary elastic.

Q17 - When wages increase the income effect of labor supply ________ the quantity of labor supplied because ________.

1. Reduces; the price of leisure has increased.

2. Reduces; workers acquire more of all normal goods when income increases.

3. Increases; the value of working has increased.

4. Increases; the price of leisure has increased.

4. Elastic.

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