How would each of the following events affect Cheryl Shirker's supply of labor?(a)Cheryl's firm announces a reorganization plan, in which she will get a big promotion and raise in six months.(b)Cheryl's speculative investment in plutonium futures pays off big, netting her a profit of $300 thousand.(c)Cheryl's father, who had planned to leave her a large bequest, must spend all his wealth on medical bills after a prolonged illness.
What will be an ideal response?
| (a) | The higher future real wage reduces current labor supply. |
| (b) | Higher wealth reduces labor supply. |
| (c) | Lower wealth increases labor supply. |
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The consumer Wi-Fi-service-service providers' market is best described as a
A. monopoly. B. monopolistic competition. C. oligopoly. D. perfectly competitive market.
Which of the following is an example of an actual cartel?
a. the three largest cereal producers in the United States b. General Motors, Ford, and Chrysler c. the Organization of Petroleum Exporting Countries (OPEC) d. the three major U.S. cigarette manufacturers e. U.S. television networks -- ABC, NBC, CBS, and Fox
Figure 11-1
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In Figure 11-1, a technological breakdown in calculator production would cause which movement?
A. B to E B. B to C C. B to D D. A to D
A decrease in the price of milk will
a. increase the demand for milk. b. reduce the demand for milk. c. reduce the demand for orange juice, a substitute for milk. d. do both a and c