If a group has a negative elasticity of labor supply (above some income level), then continued increases in wages will result in decreases in the quantity of labor supplied.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. The firm's shutdown point is
A) $12. B) $17. C) $8. D) $2.
Which of the following is true?
a. Markets determine what goods are going to be produced, but not the distribution of output among members of society. b. Markets determine the distribution of output among members of society, but not what goods are going to be produced. c. Markets determine both what goods are going to be produced and the distribution of output among members of society. d. Government can redistribute income without changing what will be produced in a society.
Simplifying assumptions always affect the conclusions derived from an economic model
a. True b. False
The economic problem is concerned with:
(a) Scarcity. (b) Disequilibrium. (c) Too much government intervention. (d) All of the above.