Jessica receives a raise at her current part-time job from $9 to $11 per hour. If her labor supply curve is backward sloping, she will work fewer hours after receiving the pay raise
a. True
b. False
Indicate whether the statement is true or false
True
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An interior solution to a consumer's utility maximization problem implies _________. (Select all that are true.)
the goods are perfect substitutes consuming more than an optimal amount of at least one good. consuming a positive amount of all goods. spending all income. spending less than full income. the goods are imperfect substitutes consuming a positive amount of one good and zero of the other good.
What is the relationship between the marginal product curve and the total product curve?
What will be an ideal response?
If the government wants to increase employment, government purchases should be ________ and/or taxes should be ________.
A. decreased; increased B. decreased; decreased C. increased; increased D. increased; decreased
A monopoly results in productive inefficiency because at the profit-maximizing output level:
A. MR is not zero B. ATC is not at its minimum level C. MC is not at its minimum level D. P > AVC