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In which situation is it likely that the demand for labour would be inelastic?

Economics
JAMB 2015

In which situation is it likely that the demand for labour would be inelastic?

  • A. Labour and capital are close substitutes
  • B. Labour costs are only a small proportion of total costs
  • C. Demand for the final product that the labour produces is elastic
  • D. A large quantity of unemployed labour is available in the economy
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Correct Answer: Option B
Explanation

When specialised labour or capital is needed, then the demand for labour will be more inelastic with respect to the wage rate. 

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