The market supply curve for labor is
A) perfectly inelastic if leisure is an inferior good.
B) determined by adding up the quantity of labor supplied by each worker at each wage, holding constant all other variables that affect the willingness of workers to supply labor.
C) determined by adding up the wages each worker is willing to work for at a given quantity supplied, holding constant all other variables that affect the willingness of workers to supply labor.
D) derived from the market supply curve for the output produced with labor.
B
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Which of the following assets are counted in M2?
A) gold B) balances in retail mutual funds accounts C) value of outstanding bonds D) lines of credit offered by commercial banks
According to Joseph Schumpeter, the success of capitalism relies on:
a. continuous, small improvements to existing products. b. "gales of creative destruction." c. careful government direction of the manufacturing sector. d. a strong agricultural sector to support the manufacturing workforce.
Leisure is
a. not subject to the law of diminishing utility because you can never have enough leisure time b. not subject to the law of diminishing utility because you can derive utility only from goods and services c. subject to the law of diminishing utility, just as the consumption of goods and services is d. subject to the law of diminishing utility only if it involves the consumption of goods and services e. not considered in maximizing utility
Suppose the United Auto Workers union obtains a substantial wage increase for auto workers. How will this affect the market for automobiles?