In Figure 3-5 above, the saving function is

California is the sole producer of almonds in the United States. Suppose the price for a pound of almonds has increased during the past year. It is also predicted that almond prices will remain high. Over time, we predict that the

A) elasticity of supply will increase. B) elasticity of supply will decrease. C) elasticity of supply will remain constant. D) elasticity of supply will increase and then decrease.

With respect to labor supply, the income effect leads a person to want to work more in order to raise his or her income

Indicate whether the statement is true or false