Assume that as the wage rate rises a worker's substitution effect for leisure is larger than the income effect. We can conclude that in this region, the worker's
A) labor supply curve will be backward bending.
B) labor supply curve will have the usual upward slope.
C) labor supply curve will be completely inelastic.
D) supply curve will be horizontal.
B
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Table 9.2 represents 3 markets for used guitars. Which of the markets in Table 14.2 are NOT in equilibrium?
A. 1 only B. 2 only C. 3 only D. 2 and 3
Demand for a product is given by Q = 100 - P and supply is given by Q = P - 10. If the quantity demanded rises by 10 units at every possible price, then the equilibrium price will
a. increase by $5 b. increase by $10 c. decrease by $5 d. increase by $7.50
Any change that shifts the supply curve outward to the right and does not affect the demand curve will lower the equilibrium price and raise the equilibrium.
Answer the following statement true (T) or false (F)
Refer to the scenario above. What is the probability of picking a green ball from the box?
A) 12.83% B) 16.67% C) 24.75% D) 32.35%