Which of the following examples would illustrate a backward-sloping labor supply-curve?
a. An increase in a person's wages results in the person working fewer hours per week.
b. A decrease in a person's wages results in the person working more hours per week.
c. An increase in a person's wages results in the person working more hours per week.
d. Both a and b are correct.
d
Economics
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Which of these is a function that the financial system provides for savers and borrowers?
Economics
Which of the following could explain why the demand for table salt is inelastic?
A) Salt is a luxury good. B) Salt is a rare commodity. C) Households devote a very small portion of their income to salt purchases. D) Salt is a luxury for high-income consumers but a necessity for low-income consumers.
Economics