Recent estimates of the elasticity of demand for cigarettes by adults
A. shows that it has remained remarkably constant, despite the existence of e-cigarettes.
B. shows that it has increased by only a small (and insignificant) amount.
C. shows that it has declined markedly, in part because of the existence of e-cigarettes.
D. shows that it has increased markedly, in part because of the existence of e-cigarettes.
Answer: D
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Counting part-time workers who are looking for full-time work as employed overstates the degree of joblessness in the economy
Indicate whether the statement is true or false
A. What are the two effects of an increase in the wage rate on an individual's labor supply decision? Briefly explain each effect
b. Explain how a labor supply curve could be backward bending. What will be an ideal response?