Multiple Choice
The elasticity of substitutions is
A) the change in capital over the change in the price of labor.
B) the percentage change in capital over the percentage change in labor.
C) the change in the price of capital over the change in the price of labor.
D) the percentage change in the price of capital over the percentage change in the price of labor.
E) the percentage change in the capital/labor ratio resulting from a 1 percent change in the relative price of labor.
Correct Answer:
Verified
Correct Answer:
Verified
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