Which of the following is an illustration of the backward-bending supply curve?
a. Alex Maxwell is cutting down on the number of hours he works a week because the wage rate he receives has increased
b. Tim Duncan's wage rate is so high that he cannot stop working (playing professional basketball) even though he would like to retire.
c. The more Patrick Roy works, the higher is his opportunity cost.
d. Steve Hymer quits work because he feels that the employer is paying him a wage rate below his MRP.
e. Unskilled workers who do hard (back bending) work earn wages that are considerably below average.
A
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The Jerry-Berry Ice Cream Shoppe's total cost schedule is in the above table. Based on the table, the marginal cost of producing the fourth gallon of ice cream is
A) $2. B) $3. C) $5. D) $8. E) $32.
When Twitter sells newly issued shares of stock this is an example of
A) indirect finance in a primary market. B) direct finance in a primary market. C) direct finance in a secondary market. D) indirect finance in a secondary market.
A "Jumbo" CD is one in excess of
A) $1,000. B) $10,000. C) $50,000. D) $100,000.
Refer to the above figure. Ajax and Greenco are oligopolists. Above you are given the payoff matrix for the two firms giving the payoff associated with different pricing strategies. What is the best strategy for Greenco if Ajax decides on charging a low price?
A. high price B. low price C. There is no best strategy. D. Not enough information is given to determine the best strategy.