If Bobby thinks that leisure is an inferior good, then his labor supply curve
A) is backward bending.
B) is always negatively sloped.
C) is always positively sloped.
D) does not exist.
C
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A key assumption made when a supply schedule is constructed is that
A. the only factors that matter in determining supply are price and quantity. B. firms only want to sell a certain amount of a product. C. supply is too important to be left to the marketplace. D. only price and quantity vary, all other determinants of supply are held constant. E. demand has a positive slope.
Who, among the following, is least likely to practice cost-plus-markup pricing?
A) Dolly J. Dalrymple, a Wisconsin dairy farmer B) The Wisconsin Cheeses-R-Us factory C) The Cheese-of-the-Month Club D) Trick question: all are equally likely to use cost-plus-markup pricing.
Exhibit 9-3 A monopolistic competitive firm in the long run
?
To maximize long-run profits, the monopolistically competitive firm shown in Exhibit 9-3 will charge a price per unit of:
A. zero. B. $10 C. $20. D. $30.
The times during which real GDP increases are referred to as
A) contractions. B) expansions. C) anti-cycles. D) corrections.