If your wage increases from $10 per hour to $15 per hour, then your
a. opportunity cost of an hour of leisure decreases by $5 per hour.
b. opportunity cost of an hour of leisure increases by $5 per hour.
c. out-of-pocket cost of an hour of leisure decreases by $5 per hour.
d. out-of-pocket cost of an hour of leisure increases by $5 per hour.
b
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In perfect competition in the long-run equilibrium, can consumer surplus or producer surplus be increased? Explain your answer
What will be an ideal response?
Fisher's quantity theory of money suggests that the demand for money is purely a function of ________, and ________ no effect on the demand for money
A) income; interest rates have B) interest rates; income has C) government spending; interest rates have D) expectations; income has
When some resources used in production are only available in limited quantities, it is likely that the long-run supply curve in a competitive market is
a. downward sloping. b. upward sloping. c. horizontal. d. vertical.
Brenda says, "You would have to pay me $50 to attend that pro wrestling event." For Brenda, the marginal utility of the event is:
A) zero. B) positive, but declines rapidly. C) negative. D) positive, but less than the ticket price.