Suppose that the wage for musicians decreases relative to other occupations. We know that ________ people will work in music, and the total number of hours worked will ________.
A. more; increase
B. more; decrease
C. fewer; increase
D. fewer; decrease
Answer: D
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Normative economics
A) predicts the consequences of alternative actions. B) answers the question "What ought to be?" C) answers the question "What is?" D) is the focus of most modern economic reasoning.
Any point on or outside the PPF is attainable
a. True b. False Indicate whether the statement is true or false
A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following?
a. marginal cost exceeds marginal revenue b. average revenue equals marginal cost c. price exceeds marginal cost d. All of the above are correct.
In Figure 30.1, the movement from point G to point F along the labor supply curve S1 is a result of
A. The substitution effect of a higher wage rate. B. Increased job satisfaction. C. A lower wage rate. D. The income effect of higher wages.