If the percentage change in price is 5%, and the percentage change in quantity supplied is 10%, then the supply for the good is
A. unit elastic.
B. inelastic.
C. perfectly inelastic.
D. elastic.
Answer: D
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Leisure being a normal good is neither necessary nor sufficient for labor supply to slope up.
Answer the following statement true (T) or false (F)
Which of the following would shift the short-run Phillips curve to the right?
a. an negative supply shock b. an increase in inflationary expectations c. a decrease in inflationary expectations d. either (a) or (b)
Something that motivates or encourages people to take an action is referred to as a(n)
A) utility. B) abstract. C) market. D) incentive.
Number of workersUnits of output00110230344455
Refer to Table 5.1, which gives a firm's production function. Assume that all non-labor inputs are fixed. The marginal product of the fourth worker is:
A. 12 units. B. 11 units. C. 5 units. D. 0 units.