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.
B
Economics
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When a fixed exchange rate system is adopted, it results in all of the following except:
A) reduced uncertainty about exchange rate. B) decreased volatility in prices. C) increased volume of trade. D) decreased volume of trade.
Economics
Suppose the airplane market is an oligopoly. According to the figure above, if the firms act as a monopolist, the quantity produced will be ________ planes per week and if the firms act as competitors the quantity produced will be ________ planes per
week. A) 6; 12 B) 12; 6 C) 0; 6 D) 12; 0 E) None of the above answers is correct.
Economics