In the short run, the labor supply curve for most people slopes upward because
A) labor supply experiences increasing marginal returns.
B) the substitution effect is completely offset by the income effect.
C) there is a direct relationship between the quantity of labor supplied and the quantity of labor demanded.
D) the substitution effect is stronger than the income effect.
D
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Which of the following statements about "inside information" is FALSE?
A) It is information that is not available to the general public. B) It is illegal to knowingly use inside information when trading stocks. C) Profits can be made using inside information. D) The government never imposes fines or other penalties for abuse of inside information.
The airline and long-distance telephone service industries are examples of
a. monopolistic competition b. monopolies c. oligopolies d. perfect competition e. oligopolistic competition
Why do firms practice price discrimination?
An external COST occurs when
A. some of the benefits derived from the production or consumption of some good or service are enjoyed by a third party. B. the production or consumption of some good or service inflicts costs on a third party without compensation. C. private costs exceed social costs. D. private costs exceed private benefits.