The market supply of labor curve has a positive slope if higher wages induce households to choose
A) leisure rather than supplying labor in the labor market.
B) supplying labor in the labor market rather than leisure.
C) demanding labor rather than supplying it.
D) None of the above answers is correct.
B
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Because a monopoly's demand curve is the same as the market demand curve for its product
A) the monopoly is a price taker. B) the monopoly's average total cost always falls as it increases its output. C) the monopoly's marginal revenue equals its price. D) the monopoly must lower its price to sell more of its product.
Which of the following is considered by experts to have relatively little power within the Federal Reserve?
A) The Board of Governors B) The president of the New York Federal Reserve Bank C) The economic staff of the Board of Governors D) The Federal Advisory Council