When the wage increases, the substitution effect in the household's choices leads to
A) a decrease in consumption and leisure.
B) a decrease in consumption and an increase in leisure.
C) an increase in consumption and a decrease in leisure.
D) an increase in consumption and leisure.
C
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The U.S. economy is unique for both its size and prosperity.
Answer the following statement true (T) or false (F)
The personal income tax is the single largest source of revenue for the federal government.
Answer the following statement true (T) or false (F)
The demand curve facing a single-price monopoly
A) lies below the marginal revenue curve. B) lies above the marginal revenue curve. C) is the same as only the marginal revenue curve. D) is the same as only the marginal cost curve. E) is the same as both the marginal revenue curve and the marginal cost curve.
When a firm experiences economies of scale, its ________ cost curve slopes ________ as output increases
A) long-run average; downward B) short-run average total; downward C) short-run marginal cost; downward D) long-run average; upward