Which of the following causes a decrease in labor supply?
A. an increase in transfer payments
B. an increase in the general price level
C. when wages and the price level decrease proportionately
D. an increase in income tax rates
Answer: A
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If the expected rate of return on investment decreases, then most likely the
A. consumption schedule will shift downward. B. consumption schedule will shift upward. C. investment schedule will shift downward. D. investment schedule will shift upward.
In a perfectly contestable market in the long run, each firm
a. produces at the minimum point on its long-run average total cost curve. b. earns a profit below its opportunity cost of capital. c. avoids making capital expenditures. d. All of the above are correct.
The typical total-cost curve is U-shaped
a. True b. False Indicate whether the statement is true or false
Refer to the graph shown. Currently, if this perfectly competitive firm is maximizing profit, the market price is:
A. $5.00 and marginal revenue for the firm is $3.00 B. $5.00 and marginal revenue for the firm is $5.00 C. $6.50 and marginal revenue for the firm is $6.50 D. $6.50 and marginal revenue for the firm is $5.00