In a few examples in class, we talked about the market for l…
In a few examples in class, we talked about the market for low-wage labor. We assumed that the demand for low-wage labor (by employers) is relatively inelastic, and that the supply of low-wage labor (by the workers) is relatively elastic. Choose ONE of these assumptions, and explain in your own words why it is likely true. Make sure that your explanation illustrates your understanding of what elasticity means (that’s what I’ll be looking for).