Your college roommate receives a pay raise at her part-time job from $9 to $11 per hour. She used to work 10 hours per week, but now she decides to work 15 hours per week. For this price range, her labor supply curve is
a. vertical.
b. horizontal.
c. upward sloping.
d. backward sloping.
c
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What will be an ideal response?
Suppose your friends take you out for dinner on your birthday and you have a much better time than you would have had doing anything else. There is still an opportunity cost, even though they will not let you pay for anything
a. True b. False
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What will be an ideal response?
A person states that "a large public debt will bankrupt the U.S. government." An economist is likely to respond:
A. yes because this public debt will reduce our ability to borrow the necessary funds from foreign nations. B. yes because a large public debt means that the U.S. government will not be able to meet its financial obligations. C. no because the government can refinance the public debt by selling new bonds. D. no because most of the public debt is held by foreign nations.