In general, as wages increase:
A. the benefit of working goes down.
B. people are willing to work more.
C. it does not affect people's willingness to work.
D. people are willing to work less.
Answer: B
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Lana spent $5 to see a movie. We know
A. the movie was worth 500 utils. B. Lana’s total utility from movies was $5. C. the movie was worth at least $5 worth of other goods. D. the movie increased marginal utility.
What is the implication of the demographic transition for the labor force? Dependency ratio?
What will be an ideal response?
An increase in the expected price level
A) shifts the short-run aggregate supply curve up and to the left. B) shifts the short-run aggregate supply curve down and to the right. C) has no effect on the short-run aggregate supply curve. D) results in a movement along the short-run aggregate supply curve, rather than a shift in the short-run aggregate supply curve.
Let P be the output price for a particular good. Why is the value P*MPL greater than MRPL for a monopolist?
A) The monopolist is not as technically efficient as firms operating under perfect competition. B) The monopolist hires less labor, so MPL is higher under a monopoly than under perfect competition. C) The monopolist sets a price that is higher than MR. D) A and C are correct. E) B and C are correct.