At low wages, the labor supply curve for most people slopes upward because
A) the demand for labor is perfectly elastic at low wages.
B) as wages increase the opportunity cost of leisure increases.
C) as wages increase income also increases unless hours worked decrease.
D) the supply of labor is perfectly inelastic at low wages.
B
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The economic point of view assumes central bankers, bureaucrats, elected politicians, and tax collectors
A) are immoral. B) act selfishly. C) respond to incentives. D) act in the national interest.
In the Cournot model of oligopoly:
A. firms produce differentiated products and set their prices simultaneously. B. firms produce homogenous products and set their prices simultaneously. C. firms choose how much to produce simultaneously and the price clears the market given the total quantity produced. D. firms choose how much to produce and the price to charge simultaneously.
Describe how a firm that sells only one brand of bleach may be able to increase its profit if it re-labels some of its bleach
What will be an ideal response?
Which of the following is true for both perfectly competitive and monopolistically competitive firms in the long run?
A) P = MC. B) MC = ATC. C) P > MR. D) Profit equals zero.