If the income effect outweighs the price effect of a wage increase, the labor-supply curve will:
A. slope downward.
B. be perfectly flat.
C. slope upward.
D. be perfectly horizontal.
Answer: A
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In the above figure, the curve labeled a is the ________ curve and the curve labeled b is the ________ curve
A) marginal cost; marginal benefit B) marginal cost; trade line C) marginal benefit; trade line D) production possibilities frontier; trade line
Marginal cost is:
A. the additional output a firm will get by employing one additional unit of input. B. the additional cost a firm will incur by producing one additional unit of output. C. the total cost a firm will incur by producing a given level of output. D. the costs that sit on the margin, that do not change regardless of the level of output.
Assuming an economy starts in long-run equilibrium, if the aggregate demand curve were to decrease:
A. prices in the economy would increase. B. output in the economy would increase. C. the short-run aggregate supply curve would shift left. D. the long-run effect would be a lower price level.
When the pill was approved for sale in the United States in 1960:
A. it immediately and significantly revolutionized the labor force participation of all women. B. it was met with a lot of resistance and was even illegal in many places. C. it had already been legalized since many states anticipated its approval for years. D. new laws were written to make it illegal, and it remains technically illegal to this day.