Employment Total Product Product Price Refer to the given table. This firm is Multiple Choice 0 hiring workers in an imperfectly competitive market. 0 selling its product in an imperfectly competitive market. 0 selling its product in a purely competitive market. (3 hiring workers In a purely competitive market. Refer to the table, which gives data for a firm that is hiring labor in a purely competitive market. If the wage rate is $45, how many workers will the rm choose to employ? a. What factors determine the elasticity of resource demand? Ease of resource substitutability, elasticity of product demand, and the ratio of resource costs to total costs 0 Elasticity of product supply, the ratio of resource costs to total revenues, and the income of buyers in the market 0 Elasticity of product supply and the price of the resource 0 Income of buyers in the market and the ratio of resource costs to total revenues b. What effect will each of the following have on the elasticity or the location of the demand for resource C, which is being used to produce commodity X? {i} An increase in the demand for product X. Increase in demand v (ii) An increase in the price of substitute resource D. (Ciick to select) v (iii) An increase in the number of resources substitutable for C in producing X. Increase in elasticity v (iv) A technological improvement in the capital equipment with which resource C is combined. Increase in demand v (v) A fall in the price of complementary resource E. Increase in demand v {vi} A decline in the elasticity of demand for product X due to a decline in the competitiveness of product market X. I Decrease in elasticity