Refer to the figure below. What is the price elasticity of supply at point A? 
A. 2
B. 4
C. 1/2
D. 1
Answer: D
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A. dynamically consistent. B. statically consistent. C. exhibiting a present bias. D. exhibiting a substitution bias.
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A. Reduce wages, to reflect the lower demand for labor B. Avoid cutting wages, for fear of drops in worker-productivity C. Lay off workers, and keep wages of remaining workers constant D. Keep all of their workers, by spreading work more thinly