Jackson hates to work. He receives a great deal of enjoyment from leisure time. Jackson's elasticity of labor supply is
A. 1.
B. Low, perhaps even negative.
C. Highly negative.
D. High.
Answer: B
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Which of the following statements is true for a monopolist?
a. a monopolist will charge the highest price for which he can sell units of his product. b. unregulated monopolists can gain by producing their chosen output at a low cost. c. if a firm has a monopoly, it will always be able to earn economic profit. d. none of the above statements are true.
Monopsonistic exploitation refers to
A. the payment to a resource equal to MRP. B. the payment to a resource above MRP. C. the payment to the resource equal to MFC. D. the payment to a resource less than MRP.
If your long-run costs exhibit increasing returns to scale, securing big orders leads you to
a. Increase average costs b. Reduce average costs c. Keep the average costs constant d. None of the above
Variable costs are
a. costs that vary with output b. equal marginal costs c. not considered in decision-making d. equal to total costs