An upward-sloping supply curve of labor reflects the fact that the
a. demand for the good is increasing causing its price to increase
b. population size in the region is increasing
c. workers are willing to supply a greater quantity of labor at higher wage rates
d. marginal revenue product rises as the wage rate rises
e. workers' opportunity costs are falling as the wage rises
C
Economics
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Excess capacity is the
A) difference between a perfectly competitive firm's and a monopolistically competitive firm's output. B) difference between a perfectly competitive firm's and a monopoly's output. C) output at the maximum point of the ATC curve. D) None of the above answers is correct.
Economics
Favored customers receive special treatment from dealers during periods of excess demand.
Answer the following statement true (T) or false (F)
Economics