The determinants of labor supply include:
A. culture and other opportunities.
B. supply of other factors and output prices.
C. culture and technology.
D. other opportunities and technology.
A. culture and other opportunities.
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Big Waves is a large water park. Suppose the individual demand for entrance into Big Waves is Qd = 50 - (2 × P) and each consumer has the same demand. Big Waves has a constant marginal cost of $5 per consumer. If Big Waves charges the profit-maximizing single entry price to each consumer and offers the profit-maximizing number of entries, what is Big Waves profit per consumer?
A) $250 B) $200 C) $100 D) $300
A small change in the rate of productivity growth will have: a. a small impact on output in both the short run and the long run
b. a large impact on output in both the short run and the long run. c. a small impact on output in the short run but a large impact in the long run. d. a large impact on output in the short run but a small impact in the long run. e. no effect on output at all.
Refer to the following indifference map for a consumer who has an income of $48 to spend on goods X and Y and the market prices of X and Y are both $4: Now suppose the price of good X increases to $12 while the price of good Y remains $4. Utility will be maximized on which indifference curve?Now suppose the price of good X increases to $12 while the price of good Y remains $4. Utility will be maximized on which indifference curve?
A. I B. II C. III D. On an indifference curve below I
____________is a market structure in which no close substitute products are available
Fill in the blank(s) with the appropriate word(s).