Which of the following statements is correct? a) A - 0.5 elasticity means that the income effect is dominant and thus the labour supply is elastic. b) A -0.7 elasticity means that the substitute effect is dominant and thus the labour supply is inelastic. c) An elasticity of 1.5, means that the income effect is dominant and thus the labour supply is elastic. d) An elasticity of 1.01 means that the substitution effect is dominant and thus the labour supply elastic