In labor supply theory, the wage elasticity of labor, which represents the change in hours worked in response to changes in wage, O is always positive O is always negative can be either positive or negative QUESTION 24 In labor supply theory, the greater the absolute value of wage elasticity O The greater the ratio of union to non-union wages becomes The larger is the percentage change in hours worked associated with any given percentage change in wages. The greater is the impact on the output market associated with any given percentage increase in wages. O none of the above