If workers are in the backward-bending section of their labor supply curves, than an increase in the income tax rate will
A) increase the tax revenue and increase the number of hours worked.
B) increase the tax revenue and decrease the number of hours worked.
C) decrease the tax revenue and increase the number of hours worked.
D) decrease the tax revenue and decrease the number of hours worked.
A
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The Federal Trade Commission is charged with protecting consumers from false and misleading advertising
a. True b. False Indicate whether the statement is true or false
In general, when people talk about investing, they mean that they:
A. hold stocks or bonds. B. have lent their money to someone who will use it to buy physical capital. C. have put money in the stock market. D. All of these statements are true.
Assume a perfectly competitive industry is in long-run equilibrium at a price of $20. If this industry is a constant-cost industry and the demand for the product decreases, long-run equilibrium will be reestablished at a price
A. less than $20. B. of $20. C. greater than $20. D. either greater than or less than $20 depending on the magnitude of the decrease in demand.
Of the following industries, which are perfectly competitive? For those that are not perfectly competitive, explain why
a. Restaurants b. Corn c. College education d. Local radio and television