The tendency of workers to supply more labor in response to a larger reward for working is called the ________ of a higher real wage on the quantity of labor supplied

For the unregulated, single-price monopoly shown in the figure above, when its profit is maximized, output will be

A) 4 units per year and the price will be $6. B) 4 units per year and the price will be $4. C) 6 units per year and the price will be $4. D) None of the above answers is correct.

As demand and supply become more elastic, taxes reduce market output more and raise less tax revenue. ?

Answer the following statement true (T) or false (F)