What is the relationship between an individual worker's labor supply and the market labor supply?
a. Market labor supply reflects the vertical summation of the opportunity cost for each worker supplying labor in the labor market at a given market quantity.
b. Market labor supply reflects the vertical summation of the wage rates for each worker supplying labor in the labor market at a given market quantity.
c. Market labor supply reflects the horizontal summation of the quantities of labor supplied by each worker supplying labor in the labor market at a given wage rate.
d. Market labor supply is the horizontal summation of the wage rates for each worker supplying labor in the labor market at a given market quantity.
c
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What happens when you withdraw cash from a bank?
A) The bank's reserves are reduced. B) The bank's reserves are increased. C) The bank's reserves are not affected. D) The bank's total reserves remain unchanged but the composition of required reserves and excess reserves change.
If government policy makers were worried about the inflationary potential of the economy, which of the following would not be a correct fiscal policy change?
a. Increase consumption taxes b. Increase government purchases of goods and services. c. Decrease government purchases. d. None of the above.