QUESTION 2 Which of the following statements correctly describes labor demand? O A. The long-run labor demand is more elastic to wage rate than the short-run labor demand. O B. The labor demand of a firm is more elastic to wage rate than the labor demand of the industry to which the firm belongs. C. In the short-run, firms have little scope in adjusting capital stock. Therefore, labor demand decisions of firms rest on how the marginal revenue from labor input is compared to the marginal cost of labor input. O D. All of the above