An entitlement is
A) government spending on things like military salaries.
B) guaranteed benefits under some government programs.
C) another word for a government budget surplus.
D) the payments to the private sector in exchange for goods and services.
B
Economics
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With respect to labor supply, the substitution effect means a
A) person increases his or her hours of labor in response to a higher wage rate. B) person decreases his or her hours of labor in response to a higher wage rate. C) person substitutes high paying work for low paying work. D) firm substitutes capital for labor.
Economics
Refer to Figure 13-11. What is the monopolistic competitor's profit maximizing price?
A) P1 B) P2 C) P3 D) P4
Economics