Suppose the labor market is competitive. Labor demand is elastic but not perfectly elastic. The market wage is $18. How would an increase in the minimum wage from $7.50 to $15 affect the demand for labor? Group of answer choices There will be an increase in the demand for labor which will be smaller when labor supply is more elastic. There will be an increase in the demand for labor which will be smaller when labor supply is less elastic. There will be a decrease in the demand for labor which will be smaller when labor supply is more elastic. There will be no effect There will be a decrease in the demand for labor which will be smaller when labor supply is less elastic