In the above figure, which of the figures shows a relationship between x and y with a negative slope?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
E) Both Figure A and Figure B
B
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The quantity of labor supplied increases as the real wage rises because
A) higher real wages mean that nominal wages have increased. B) the opportunity cost of working increases. C) the quantity of labor demanded increases. D) labor force participation decreases so that only serious workers are left in the labor force. E) the opportunity cost of leisure rises.
The opposite affect, crowding in
What will be an ideal response?
In a perfectly competitive market, the process of entry and exit will end when
a. price equals minimum marginal cost. b. marginal revenue equals marginal cost. c. economic profits are zero. d. accounting profits are zero.
To compute the real income of a household, the index that should be used is the
A. Cost of Living Adjustment (COLA). B. Consumer Price Index (CPI). C. Producer Price Index (PPI). D. GDP deflator.