Which of the following statements is not correct?
a. If Fiona gets a higher wage and works more, the substitution effect is greater than the income effect for her.
b. If Miguel experiences a wage decrease and works less, the income effect is greater than the substitution effect for him.
c. If the substitution effect is greater than the income effect, the labor-supply curve is upward sloping.
d. If the income effect is greater than the substitution effect, the labor-supply curve is downward sloping.
b
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Based on the information in the table, how big is the labor force? Population 16 and older1,000,000Participation Rate80%Employed Workers720,000
A. 576,000 B. 1,000,000 C. 800,000 D. 720,000
A firm sells an identical product to two groups of consumers, A and B. The firm has decided that third-degree price discrimination is feasible and wishes to set prices that maximize profits
Which of the following best describes the price and output strategy that will maximize profits? A) PA = PB = MC. B) MRA = MRB. C) MRA = MRB = MC. D) (MRA - MRB) = (1 - MC).
Which of these is the most likely impact of an increase in the wealth of consumers? a. The aggregate supply curve shifts outward
b. The aggregate demand curve shifts outward. c. The aggregate demand curve shifts inward. d. The aggregate supply curve shifts inward. e. Both the aggregate demand and aggregate supply curves shift inward.
The addition to total costs associated with the production of one more unit of output is referred to as
A. marginal cost. B. average cost. C. opportunity cost. D. overhead cost.