Households will supply labor as long as the wage they receive is less than the value of their leisure time.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Explain the role the Fed, Congress, and the President play in making monetary policy
What will be an ideal response?
A successful market economy requires well defined property rights and
A) a safety net to ensure that those who cannot participate in the market economy can earn an income. B) detailed government regulations. C) balanced supplies of all factors of production. D) an independent court system to adjudicate disputes based on the law.
In April 2010, you needed about ________ euro to get $1.00.
Fill in the blank(s) with the appropriate word(s).
As the wage rate increases, the quantity of labor supplied by an individual worker will:
a. invariably increase b. invariably decrease. c. first increase and then decrease. d. first decrease and then increase. e. remain constant.