Newspaper accounts of the U.S. labor market often point out that many people are working more hours than their parents did. What might explain this phenomenon?
A) the substitution effect
B) the endowment effect
C) bounded rationality
D) the income effect
A
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Lizzie's budget line is shown in the figure above. If the price of a magazine rises, Lizzie's real income in terms of magazines books ________ and her real income in terms of cookies ________
A) increases; does not change B) decreases; does not change C) decreases; increases D) increases; decreases
A market with few sellers, some influence over price, high barriers to entry, a differentiated product, and non-price competition is known as
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
In reality, the long-run supply curve for a perfectly competitive market is upward sloping because:
A. of changing costs of production that firms may face. B. not all firms have identical cost structures. C. experienced firms will have different information and costs than new firms. D. All of these are true.
Microeconomics
What will be an ideal response?