If a worker has chosen a quantity of labor where the marginal value of leisure exceeds the wage rate, she would be better off by
a. choosing less leisure.
b. providing fewer hours of labor.
c. providing more hours of labor.
d. staying at this combination of labor and consumption.
b. providing fewer hours of labor.
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The Glass-Steagall Act prevented commercial banks from
A) opening branches in other states unless the bank is part of a bank holding company. B) getting into investment banking. C) selling shares in themselves in the open market. D) issuing commercial paper.
In the Microsoft antitrust case, a federal court ruled to break up the company on the basis of the:
A. size of the corporation. B. firm's effect on the stock market. C. firm's large market share. D. firm's market behavior.
When the supply curve of a resource is vertical, then the return to the resource owner is
A. pure economic rent. B. partly economic rent and partly opportunity costs. C. partly economic rent and partly profits. D. zero.
In response to an increase in income, a buyer's demand for a particular good
A. won't change. B. will always fall. C. will always rise. D. may rise or fall.