Refer to Figure 21-26. Rhonda experiences an increase in her hourly wage. Her optimal choice point moves from A to B. For Rhonda,
a. leisure is a normal good.
b. her labor supply curve is backward bending.
c. both a and c are correct.
d. her labor supply curve is upward sloping.
c. both a and c are correct.
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Suppose a monopoly can sell 10 units of output for $21. In order to sell 11 units of output, the price must fall to $20. What is the marginal revenue of the 11th unit?
A) $41 B) $20 C) $10 D) $1 E) $220
If for some reason Americans desired to increase their purchases of foreign assets, then other things the same
a. both the real exchange rate and the quantity of dollars exchanged in the market for foreign-currency exchange would fall. b. both the real exchange rate and the quantity of dollars exchanged in the market for foreign-currency would rise. c. the real exchange rate would rise and the quantity of dollars exchanged in the market for foreign-currency would fall. d. the real exchange rate would fall and the quantity of dollars exchanged in the market for foreign-currency would rise.
How did the Uruguay Round of GATT impact agriculture?
What will be an ideal response?
Calculate the markup price if MC = $10.00 and price elasticity equals 1.7.
A. $5.88 B. $24.27 C. $17.24 D. $32.42