The elasticity of resource demand measures the:

1. responsiveness of workers to changes in wage rates

2. responsiveness of producers to changes in resource prices

3. ratio of marginal revenue product to resource price

4. sensitivity of marginal revenue product to changes in product price.

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Sonal BahlLv10

4 Oct 2020

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Related questions

Match the following terms with their proper definitions.

Potential Matches:

1 : measures the responsiveness of the quantity supplied of a good to changes in the price of that good

2 : a formula that measures the responsiveness along a specific section (arc) of a supply or demand curve and measures the "average" price elasticity between two points on the curve.

3 : measures the responsiveness of the quantity supplied of a good to changes in the price of the related good

Answer

: Own-Price Elasticity of Supply

: Cross-Price Elasticity of Supply

: Arc Elasticity

The price elasticity of demand measures which of the following?

a) the change in the price of one product due to a change in consumer responsiveness for another product
b) the responsiveness of consumer purchases of one product due to a change in price
c) the responsiveness of consumer purchases of one product due to a change in the price of some other product
d) the responsiveness of consumer purchases of one product due to a change in consumer income