Which of the following statements concerning the supply of labor is true?
A. The wage rate has no effect on the quantity of labor supplied.
B. The labor supply curve is downward sloping.
C. The supply of labor is determined by the prevailing wage rate.
D. The typical labor supply curve is upward sloping.
Answer: D
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The cost of using an additional unit of an input is called the
A) marginal revenue product. B) marginal physical product cost. C) marginal factor cost. D) marginal product of labor.
Suppose a demand schedule is P = 100 - Q and a supply schedule is P = 20 + 2Q. What is the marginal net benefit curve?
a. MNB = 80 - Q b. MNB = 80 - 3Q c. MNB = 80 + Q d. MNB = 120 - Q e. MNB = 120 - 3Q
The point where diminishing marginal returns has begun to affect production is best characterized by the point where the:
A. marginal product curve begins to be negatively sloped. B. total product curve flattens out. C. average product curve begins to be negatively sloped. D. marginal product curve equals the average product curve.
Exhibit 12-2 Lorenz curve
As shown in Exhibit 12-2, 60 percent of families earned a cumulative share of about ____ of income.
A. 5 percent B. 15 percent C. 30 percent D. 50 percent