With respect to the labor supply curve, the income effect
A) reinforces the substitution effect.
B) lowers the opportunity cost of labor.
C) raises the opportunity cost of labor.
D) influences a person to work less as the wage rate increases.
D
Economics
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A perfectly competitive firm sells 15 units of output at the going market price of $10. Suppose its average fixed cost is $15 and its average variable cost is $8. Its contribution margin (i.e., contribution to fixed cost) is
A) $30. B) $150. C) $105. D) Cannot be determined from the above information
Economics
Vertical equity in income taxation refers to the notion that persons with different levels of income should be taxed differently
a. True b. False Indicate whether the statement is true or false
Economics