Which of the following statements concerning the supply of labor is true?
a. The wage rate has no effect on the supply of labor.
b. The labor supply curve is downward sloping.
c. The supply of labor is determined by the prevailing wage rate.
d. The typical labor supply curve is upward sloping.
d
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In a perfectly competitive market,
a. each firm faces a perfectly elastic supply curve b. each consumer faces a perfect elastic demand curve c. the market sums up the buying and selling preferences and determines the market price d. the market price is determined by firms and the market quantity is determined by consumers e. price equals marginal cost equals average total cost in the short run
People who hold bonds may tend to consume more out of their income than they should because they think they are wealthier than they really are
Indicate whether the statement is true or false