Sam has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $13 per hour. During the summer, he drives a tour bus around the ski resort, earning $11 per hour. Assume that Sam has an upward-sloping labor supply curve. If the opportunity cost of Sam's leisure time increases, he will respond by working
a. more hours.
b. fewer hours.
c. an equal number of hours.
d. a number of hours that cannot be determined from the information. The labor demand curve is needed to make this determination.
a
You might also like to view...
If two products are substitutes, then the:
A. cross-price elasticity of demand between them will be negative. B. income elasticity of demand for both will be high. C. price elasticity of demand for both will be positive. D. cross-price elasticity of demand between them will be positive.
The U.S. inflation of the 1960s was spread overseas via the ________ exchange rates of the time and led to the ________ of the Bretton Woods system
A) fixed, collapse B) fixed, establishment C) flexible, collapse D) flexible, establishment
Exchange rates will affect imports and exports, and thus affect aggregate ______ in the economy.
a. production b. sales c. supply d. demand
In a monopolistically competitive industry, a firm's demand curve also represent its
a. marginal revenue. b. marginal cost. c. average revenue. d. profit.