If tastes are homothetic in leisure and consumption, labor supply curves slope up.
Answer the following statement true (T) or false (F)
False
Rationale:
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All else equal, increases in proprietors' income will ________.
A. increase wages B. increase exports C. increase profits and losses D. increase gross investment
When the price of one product falls,
A. consumers’ real income will increase. B. consumers will buy less of that product. C. consumers will not change their buying patterns. D. consumers’ real income will decrease.
The marginal cost of a vacation in Jamaica is $3,000 . The marginal benefit to Jordan of a vacation in Jamaica is $3,500. a. According to the rule of rational choice, Jordan should choose not to vacation in Jamaica at this time
b. According to the rule of rational choice, Jordan will experience a net gain of $500 if he vacations in Jamaica. c. According to the rule of rational choice, Jordan will experience a net gain of $3,500 if he vacations in Jamaica. d. According to the rule of rational choice, Jordan will experience a net gain of $3,000 if he vacations in Jamaica.
If a price ceiling is not binding, then it will have no effect on the market
a. True b. False Indicate whether the statement is true or false