If a person supplies fewer hours of labor in response to a wage increase, then
A) the substitution effect is greater than the income effect.
B) the income effect is greater than the substitution effect.
C) the income effect equals the substitution effect.
D) the person is not maximizing utility.
B
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A movement upward along a given aggregate demand curve is equivalent to a(n) ________.
A. increase in aggregate supply B. upward shift in the aggregate expenditures schedule C. increase in aggregate demand D. downward shift in the aggregate expenditures schedule
When a large number of people in society save more and it results in a decline in national income and an increase in unemployment this is known as
a. the fallacy of composition. b. moral hazard. c. the paradox of thrift. d. marginal analysis.
If the price of oil, a close substitute for coal, increases then the
a. supply curve for coal will shift to the right. b. demand curve for coal will shift to the right. c. equilibrium price and quantity of coal will not change. d. demand curve for coal will shift to the left. e. supply curve of coal will shift to the left.
The cookie industry in Eatsweetland consists of 15 firms. The industry sales are $80 million per month. The sales of the largest 5 firms are shown in the table below. The rest 10 firms have sales of $3 million each
What is the four-firm concentration ratio in Eatsweetland's cookie industry? A) 63 percent B) 44 percent C) 87 percent D) 56 percent