Which of the following describes the concept of elasticity of product demand? Multiple choice question. Other things equal, the lower the price elasticity of product demand, the greater the elasticity of labor demand. Other things equal, the lower the price elasticity of product demand, the lower the elasticity of labor demand. Other things equal, the greater the price elasticity of product demand, the lower the elasticity of labor demand. Other things equal, the lower the price elasticity of product demand, the lower the elasticity of labor supply