The decrease in the quantity of labor supplied due to the greater demand for leisure caused by a higher income is called the:
A. income effect.
B. price effect.
C. substitution effect.
D. labor effect.
A. income effect.
Economics
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Which of the following would be most able to act like a monopsonist?
A) a hospital in a small isolated town B) a hospital in a very big city C) a law firm in Washington, D.C. D) a computer software firm in Silicon Valley
Economics
According to the following figure, the equation for marginal revenue is
A. MR = 50 - 160Q. B. MR = 4,000 - 100Q. C. MR = 4,000 - 2,000Q. D. MR = 50 - 0.025Q. E. none of the above
Economics
In the above figure, what is the wage rate the monopsonist will pay?
A. W1 B. W2 C. W3 D. W4
Economics
Distinguish between risk that can be reduced through diversification and risk that cannot be reduced through diversification
What will be an ideal response?
Economics