If a worker responds to an increase in the opportunity cost of leisure by taking more leisure, then her labor supply curve is
a. upward sloping.
b. backward sloping.
c. horizontal.
d. vertical.
b
Economics
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Productive efficiency requires production at a quantity such that:
a. MC = MR b. MC = ATC c. MC = D d. ATC = D
Economics
If one adopts a pure free market approach to depletable resources, then one can expect the price of resources to
a. rise steadily. b. fall steadily. c. fluctuate in a random-walk fashion. d. remain unchanged.
Economics
Higher personal income taxes
A) increase aggregate demand. B) increase disposable income. C) decrease aggregate demand. D) both B and C
Economics
As a country moves up along its “bowed-out” production possibility curve, the opportunity cost of producing more of the good measured on the y-axis increases
Answer the following statement(s) true (T) or false (F)
Economics