The elasticity of demand for labor is -2.16. It follows that if the

a. wage rate changes by 10 percent, the demand for labor changes by 2.16 percent.

b. demand for labor changes by 2.16 percent, the wage rate changes by 1.0 percent.

c. wage rate changes by 10 percent, the quantity demanded of labor changes by 21.6 percent.

d. wage rate changes by 2.16 percent, the quantity demanded of labor changes by 2.16 percent.

e. none of the above

Which of the following is an example of formal management controls? answers: a firm's culturethe willingness of employees to monitor each otherbudgeting and reporting activitiesmanagerial motivation

Steele bicycle manufacturing company currently produces the handlebars used in manufacturing its bicycles, which are high-quality racing bikes with limited sales. steele produces and sells only 10,000 bikes each year. due to the low volume of activity, steele is unable to obtain the economies of scale that larger producers achieve. for example, steele could buy the handlebars for $31 each: they cost $34 each to make. the following is a detailed breakdown of current production costs: after seeing these figures, steele's president remarked that it would be foolish for the company to continue to produce the handlebars at $34 each when it can buy them for $31 each. calculate the total relevant cost. do you agree with the president's conclusion?

Which represents a surplus in the market? a market price equals equilibrium price. b quantity supplied is greater than quantity demanded. c market price is less than equilibrium price. d quantity supplied equals quantity demanded.