Refer to Figure 17-3. In Panel A, at high wages (segment iii)
A) the price of leisure is rising relative to the price of labor.
B) laborers work more as wages increase.
C) the price of leisure is falling relative to the price of labor.
D) labor suppliers take more leisure as wages increase.
D
You might also like to view...
The curve that shows the relationship between inflation and unemployment when the economy is at full employment is the
A) aggregate supply curve. B) long-run Phillips curve. C) long-run Okun's curve. D) aggregate demand curve. E) short-run Phillips curve.
Government can intervene in the market through
a. Price floors b. Price ceilings c. Taxes d. All the above
If a box of Swiss chocolate priced at 100 francs can be purchased for $50, the exchange rate is:
a. 0.50 francs per dollar. b. 4.00 francs per dollar. c. 0.50 dollars per franc. d. none of these.
A price floor is the minimum price that consumers have to pay for a particular product
a. True b. False Indicate whether the statement is true or false