According to the theory of the backward-bending labor supply curve, as the hourly wage keeps rising we
A. eventually reach a maximum number of hours worked.
B. eventually reach a minimum number of hours worked.
C. keep increasing indefinitely the number of hours worked.
D. will work a set number of hours whether or not the wage rate is increased.
A. eventually reach a maximum number of hours worked.
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Refer to the scenario above. If both firms operate without government intervention:
A) total costs are maximized. B) total profits are maximized. C) marginal revenues of both the firms are maximized. D) marginal revenues of both the firms are minimized.
How do the owners of a partnership relate to the business?
A) The owners and the business are separate legal entities. B) The owners and the business are not separate legal entities. C) The assets of the owners are considered separate from the asset of the business. D) None of these describe the legal relationship of the owners to the business.