If your wage increases from $10 per hour to $15 per hour, then your
a. opportunity cost of an hour of leisure decreases by $5 per hour.
b. opportunity cost of an hour of leisure increases by $5 per hour.
c. out-of-pocket cost of an hour of leisure decreases by $5 per hour.
d. out-of-pocket cost of an hour of leisure increases by $5 per hour.
b
Economics
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If a 5 percent increase in income brings about a 10 percent decrease in the demand for a good, then the
A) good is a normal good. B) good is an inferior good. C) income elasticity of demand is 0.5. D) income elasticity of demand is 2.0. E) income elasticity of demand is 5.0.
Economics
Plowback refers to the profits management decides to keep and reinvest in the firm's operations
a. True b. False Indicate whether the statement is true or false
Economics