As the wage rate rises, the income effect influences workers to choose ________ leisure, and the substitution effect influences workers to choose ________ leisure

Which of the following countries had a larger growth rate since 1960?

A) U.S. B) Senegal C) South Korea D) Kamul E) Colombia

If a perfectly competitive firm incurs an economic loss, it should

A) shut down immediately. B) try to raise its price. C) shut down in the long run. D) shut down if this loss exceeds fixed cost.