If wages are relatively high, the individual labor supply curve may
A. Become horizontal.
B. Bend backward.
C. Become vertical.
D. Bend outward.
Answer: B
Economics
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The figure above illustrates the problem of overcrowding and external costs experienced during the summer months in the state park. An efficient allocation of resources occurs at
A) point F. B) point G. C) point H. D) point I.
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Which of the following is a low-income country?
a. Mexico b. Thailand c. Turkey d. Bangladesh
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Which of the following goods has the property of rivalry?
A) national defense B) a highway C) air to breath D) an outdoor movie screening
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Refer to the graph below showing the marginal product (MPL) and the average product of labor (APL). At which quantity of labor employed is marginal product equal to average product?
A. A
B. B
C. C
D. D
Economics