The backward bending supply curve for labor is
a. not valid for individuals
b. valid only for aggregate labor markets
c. the result of purchasing power effects that outweigh the relative price changes for leisure
d. has to do with lack of firm interest in high-cost labor
e. describes a relationship between population and labor quantities
C
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When a single firm can produce output over the relevant range of demand more efficiently than two or more firms can, because of the existence of economies of scale, we have: a. perfect competition
b. monopolistic competition. c. diseconomies of scale. d. a natural monopoly.
When the supply of a good decreases and the demand for the good remains unchanged, consumer surplus
a. decreases. b. is unchanged. c. increases. d. may increase, decrease, or remain unchanged.