The substitution effect of a decrease in the wage rate would lead most people to
a. supply less labor and demand less leisure.
b. supply less labor and demand more leisure.
c. supply more labor and demand less leisure.
d. supply more labor and demand more leisure.
b
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During the 20th century, the percentage of unskilled laborers in the U.S. rose steadily
Indicate whether the statement is true or false
A consumer who buys any amount of a good will realize a positive consumer’s surplus from that good.
Answer the following statement true (T) or false (F)
The Sherman Antitrust Act prohibits price-fixing in the sense that
a. competing executives cannot even talk about fixing prices. b. competing executives can talk about fixing prices, but they cannot take action to fix prices. c. a price-fixing agreement can lead to prosecution provided the government can show that the public was not well-served by the agreement. d. None of the above is correct. The Sherman Act did not address the matter of price-fixing.
Define absolute advantage