Which of the following statements contradicts an upward-sloping market-supply curve?`
a. All people have backward-bending individual supply curves.
b. Leisure is more enjoyable than work.
c. The elasticity of labor supply is larger than the elasticity of labor demand.
d. To work more means to enjoy less leisure.
e. The opportunity cost of leisure decreases with an increase in wage rate.
a
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If e = 0.125, c = 0.08, and D = 720, the total demand for high-powered money is
A) 32.4. B) 3512.20. C) 572.4. D) 147.6.
As the market price of a service increases, more potential sellers will decide to perform that service because:
A. it's more prestigious to produce high-priced services. B. more potential sellers will find that the market price exceeds their reservation price. C. higher prices result in higher revenue. D. higher prices lead to lower opportunity costs.
The inflation tax is
a) an additional income tax levied during periods of inflation to prevent government revenue from losing value b) the movement of taxpayers into higher tax brackets due to inflation c) the reduction in the value of cash due to inflation d) the federal sales tax on goods whose prices rise by more than the general inflation rate e) a tax on trucking, so called because of the inflation of the tires
A perfectly competitive firm facing a price of $50 decides to produce 500 widgets. Its marginal cost of producing the last widget is $50. If the firm's goal is maximize profit, it should:
A. shut down. B. continue producing 500 widgets. C. produce fewer widgets. D. produce more widgets.