How would you measure the price of an hour of leisure? Explain
What will be an ideal response?
The price of an hour of leisure can be measured by the hourly wage. The opportunity cost of enjoying an hour of leisure is the amount of foregone income that could have been earned at a job.
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Which of the following occurs when a market is in equilibrium?
A) quantity supplied is equal to quantity demanded B) supply is equal to demand. C) the price of the good will tend to rise, all else held constant. D) the price of the good will tend to fall, all else held constant.
An organization producing a wide range of products is more likely to decentralize its decision making process than a firm operating in a single industry
Indicate whether the statement is true or false
What is the typical shape of a total product curve?
a. An S-shape b. A U-shape c. An inverted U-shape d. A constantly increasing line e. A constantly decreasing line
In the long run, the supply curve
A. is less elastic than it is in the short run. B. is more elastic than it is in the short run. C. exhibits no change in elasticity at all. D. exhibits no systematic sequence of changes in elasticity.