It has been shown that when offered higher wages, women will work more hours. This is because
a. women tend to work more hours than men at any wage rate.
b. the substitution effect is more dominant for women.
c. the income effect is more dominant for women.
d. women are more productive than men at higher wages.
b
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If market structures are ranked from the one in which firm(s) face the flattest demand curve to the one where they face the steepest, the correct order is
a. monopoly, monopolistic competition, perfect competition b. monopolistic competition, perfect competition, monopoly c. monopolistic competition, monopoly, perfect competition d. perfect competition, monopoly, monopolistic competition e. perfect competition, monopolistic competition, monopoly
John has $4000 in savings to buy an engagement ring for his girlfriend even though he has no plans to propose in the near future. When his transmission needs to be replaced in his car, John charges the $2000 worth of auto repair. John's decision is an example of:
A. over consumerism. B. people recognizing that money is fungible. C. people making false distinctions about their money. D. everyday expenses being easier to charge than big purchases.