What is the shape of the labor supply curve implied by the following statements?
a. "I'm sorry, kids, but now that I'm earning more, I just can't afford to come home early in the afternoon, so I won't be here when you get home from school."
b. "They can pay me a lot or they can pay me a little. I'll still put in my 8 hours a day."
c. "Now that I have received a salary increase, I am going to work 36 hours instead of 40 hours a week"
a. upward sloping
b. vertical
c. backward bending
You might also like to view...
If the FOMC decides that the Fed should buy bonds it
A) instructs the New York Federal Reserve Bank's trading desk to buy them. B) asks the Congress for permission to buy them. C) requires the permission of the Financial Oversight Committee. D) requires the President's signature on the buy order.
On a supply-and-demand diagram, quantity demanded equals quantity supplied
A) only at the single equilibrium price. B) at every price at or above the equilibrium price. C) at every price at or below the equilibrium price. D) at every price.