Which of the following best describes the labor market from the perspective of a single firm in a perfectly-competitive labor market? Unit-elastic supply and demand for labor Perfectly inelastic supply of labor and downward sloping demand for labor Perfectly elastic supply and demand for labor Perfectly inelastic supply and demand for labor Perfectly elastic supply of labor and downward sloping demand for labor

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Which of the following best describes the labor market from the perspective of a single firm in a perfectly-competitive labor market?

Unit-elastic supply and demand for labor
Perfectly inelastic supply of labor and downward sloping demand for labor
Perfectly elastic supply and demand for labor
Perfectly inelastic supply and demand for labor
Perfectly elastic supply of labor and downward sloping demand for labor

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