An upward-sloping labor supply curve means that
a. workers prefer to buy more leisure time when their incomes increase.
b. workers prefer to supply less labor when wages are high.
c. an increase in the opportunity cost of leisure leads workers to increase the quantity of labor they supply.
d. All of the above are correct.
c
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Indicate whether the statement is true or false
Within the Keynesian aggregate expenditure-output model, if an economy operates below full employment:
A. a reduction in wage rates and resource prices will soon restore full-employment equilibrium. B. a reduction in the real interest rate will soon restore full-employment equilibrium. C. an increase in the real interest rate will soon restore full-employment equilibrium. D. the economy may remain below full employment unless aggregate expenditures increase.
When a business is owned and operated by a single individual who receives all of the profits and is responsible for all debts, it is known as a
A. proprietorship. B. partnership. C. conglomerate. D. corporation.
An increase in input prices will
A. aggregate supply to the left. B. aggregate supply to the right. C. aggregate demand to the right. D. aggregate demand to the left.