A backward-bending labor supply curve could possibly imply which of the following cases?
A) Leisure is an inferior good.
B) Leisure is a normal good.
C) Leisure is a normal good at low wages and inferior at high wages.
D) None of the above.
B
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The marginal product of labor is the change in
A) total cost from employing one more worker. B) total revenue from employing one more worker. C) average product from employing one more worker. D) total output from employing one more worker. E) total output divided by the change in cost from employing one more worker.
How is the interest rate on a bond calculated?
What will be an ideal response?
If the demand curve is a horizontal line,
a. demand is perfectly elastic b. demand is perfectly inelastic c. demand is unitary elastic d. demand is relatively inelastic e. total expenditure is maximized
Differences in wage rates associated with differences in working conditions are called:
A. compensating wage differentials. B. compensating income differentials. C. equalizing wage ratios. D. conditional differentials.