The labor supply curve is fundamentally a representation of the trade-off people face between which of the following?
a. work and wages
b. work and leisure
c. wages and productivity
d. technology and wages
b
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A monopolist's demand curve is the same as the marginal revenue curve for the product
Indicate whether the statement is true or false
Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day. Employee-Hours Per DayOutput Per Day0014048091201516023200 When the firm uses 9 employee-hours per day, it earns a daily ________ of ________.
A. profit; $64 B. profit; $114 C. loss; $64 D. loss; $114
Completely flexible exchange rates are fairly self-explanatory, and hard pegs include dollarization and currency boards. These seem to be the extremes. Assuming free flow of capital, why do you think soft pegs are never used?
What will be an ideal response?
A microeconomist would study all of the following issues EXCEPT
A. the impact of a snowstorm on the sales of snow shovels. B. the impact of a change in consumer income on the sales of corn. C. the effect of a change in income taxes on the nation's rate of unemployment. D. the most efficient means for General Motors to produce an automobile.