Jamal maximizes utility by allocating his time among leisure, market work, and household work so that
a. expected marginal utility is equal among all three
b. expected total utility per hour is equal among all three
c. expected marginal utility per hour is equal among all three
d. the maximum amount of goods and services can be acquired
e. expected total utility of each use is equal
C
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Refer to Figure 24-4. Given the economy is at point A in year 1, what will happen to the unemployment rate in year 2?
A) It will rise. B) It will remain constant. C) It will fall. D) not enough information to answer the question
A firm uses labor and capital in its production process, and it faces competitive markets for its inputs and output. The firm's long-run labor demand curve
A) intersects with the short-run labor demand curve in several points. B) is exactly identical to its short-run labor demand curve. C) is steeper than its short-run labor demand curve. D) is flatter than its short-run labor demand curve.