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13 A union leader told its membership that a wage increase, while resulting in some layoffs, would nonetheless increase the total incomes of its membership. The firm replied that a wage increase would reduce the total incomes of its membership. We can conclude that Multiple Choice ints 01:16:42 O both the firm and the union believe that labor demand is inelastic, but for different reasons. eBook O both the firm and the union believe that labor demand is elastic, but for different reasons. O the union believes that labor demand is elastic, while the firm believes it to be inelastic. O the union believes that labor demand is inelastic, while the firm believes it to be elastic.