The quantity of labor an individual supplies to any market
a. always increases as the market wage rate rises
b. is contingent upon the wage rates offered in other labor markets
c. always decreases as the market wage rate rises
d. could never be zero over the realistic range of wage rates
e. depends only on the opportunity cost of the individual's time in other labor markets
B
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Answer the following statements true (T) or false (F)
1. A decrease in the prices of computer chips for PCs will increase the supply of PCs. 2. The development of a new production technique that lowers the cost of producing 3-D movies will shift the supply curve of 3-D movies to the right. 3. A surplus indicates that the quantity demanded is greater than the quantity supplied at that price. 4. If we observe the price of a good in a competitive market rising, then we can conclude that there had been a shortage in the market.
Refer to the diagram. If price falls from $10 to $2, total revenue:
A. rises from A + B to A + B + D + C and demand is elastic.
B. falls from A + D to B + C and demand is inelastic.
C. rises from C + D to B + A and demand is elastic.
D. falls from A + B to B + C and demand is inelastic.