An individual's labor supply curve shows
A) the maximum wage rates offered to that individual by various potential employers.
B) the relationship between wages and the quantity of labor that a firm is willing to employ.
C) the relationship between wages and the quantity of labor that she is willing to supply.
D) the relationship between the quantity of hours worked and total income earned by that individual.
C
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Decreasing returns to scale may occur as increasing the amount of inputs used
A) increases specialization. B) always increases the amount of output produced. C) may cause coordination difficulties. D) increases efficiency.
If a panic causes Indian depositors to withdraw their money from Japanese banks, it would cause the Japanese Yen to depreciate, since the supply of Yen has________
a. Not changed b. Decreased c. Increased d. None of the above
Is wage discrimination more likely in competitive or monopolistic markets?
The market power of a firm refers to its ability to
A) erect entry barriers in the industry. B) make a profit even when other firms in the industry are making losses. C) control its own output level while keeping its price the same as the prices charged by other firms. D) affect the market price for its industry's output.