With respect to labor supply, the substitution effect takes account of the point that at higher wage rates
A) a person can afford to take more leisure.
B) leisure has become less expensive and so a person consumes less leisure.
C) there are no factors inducing a person to work less.
D) leisure has become more expensive and so a person consumes less leisure.
D
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In the figure above, an increase in the monetary base would create a change such as a
A) movement from point a to point b along the supply of money curve MS0. B) movement from point b to point a along the supply of money curve MS0. C) shift from the supply of money curve MS0 to the supply of money curve MS1. D) shift from the supply of money curve MS1 to the supply of money curve MS0.
What role does human capital play in accounting for income inequality?
What will be an ideal response?
Marx's point that under capitalism workers are divorced from capital is:
a. How socialism extracts surplus value b. Dialectical materialism c. Imperialism d. Primitive capitalist accumulation e. All of the above
The minimum possible average total cost of a computer repair shop is $40 and the minimum possible average variable cost is $30. If you operate this shop, you will shut it down immediately if the equilibrium price of computer repairs falls below
A. $40. B. $35. C. $30. D. $20.