If Janella increases her supply of labor by 6 percent in response to a 5 percent increase in the wage rate, her elasticity of labor supply must be

Albert’s idea about the buying preferences of low-income people in Chicago has been tested and accepted for the time being as accurate. It has become a(n) ______.

a. theory b. hypothesis c. correlation d. assumption

Assume that at a given output a monopolist's marginal revenue is $25 and its marginal cost is $18. If the monopolist increases output, then

A. price, marginal cost, and total profit will fall. B. price will fall, marginal cost will rise, and total profit will rise. C. price will rise, marginal cost will fall, and total profit will rise. D. price, marginal cost, and total profit will rise.