Which of the following is true?
a. A person's wage or salary is his or her opportunity cost of leisure
b. Any time that is spent working for a paid job is known as the time spent in leisure.
c. An individual's decision to work in a low paying job or a high paying job is known as the labor-leisure tradeoff.
d. A person who works more also always get to enjoy more leisure time.
e. If an individual labor supply curve bends backward at some high wage, then the market supply curve also bends backward.
a
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Joe is the owner of the 7-11 Mini Mart, Sam is the owner of the SuperAmerica Mini Mart, and together they are the only two gas stations in town. Currently, they both charge $3 per gallon, and each earns a profit of $1,000. If Joe cuts his price to $2.90 and Sam continues to charge $3, then Joe's profit will be $1,350, and Sam's profit will be $500. Similarly, if Sam cuts his price to $2.90 and Joe continues to charge $3, then Sam's profit will be $1,350, and Joe's profit will be $500. If Sam and Joe both cut their price to $2.90, then they will each earn a profit of $900. You may find it easier to answer the following questions if you fill in the payoff matrix below. 
width="383" />For Joe, keeping his price at $3 per gallon is a: A. profit-maximizing strategy. B. dominated strategy. C. revenue-maximizing strategy. D. dominant strategy.
Once ABC Corp sells shares of stock to the public, the stock's price tends to
a. fluctuate inversely with the profit prospects of ABC Corp. b. fluctuate inversely with the dividend payout of ABC Corp. c. fluctuate directly with the dividend payout of ABC Corp. d. fluctuate directly with the profit prospects of ABC Corp. e. remain constant
A production possibilities curve illustrates:
A. scarcity. B. market prices. C. consumer preferences. D. the distribution of income.
The marginal factor cost of a monopsonist is
A) upward sloping and the same as the supply curve. B) downward sloping when the supply curve of labor is upward sloping. C) upward sloping and rises faster than the supply curve. D) horizontal.