A person who is risk averse will like gaining $1,000 more than they will dislike losing $1,000
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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If MPK = 3, and MRTS = -4 what is MPL?
A) 12 B) -12 C) 4/3 D) -4/3
Economics
In response to an increase in the wage rate, the substitution effect will cause a person to
A) supply fewer hours of labor. B) supply more hours of labor. C) supply the same hours of labor. D) have a backward bend in her labor supply curve.
Economics