An upward-sloping labor supply curve means that
a. workers prefer to buy more leisure time when their incomes increase.
b. workers prefer to supply less labor when wages are high.
c. an increase in the opportunity cost of leisure leads workers to increase the quantity of labor they supply.
d. All of the above are correct.
c
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Duke increased his spending on steak from $7 to $11 per week because of a 12 percent salary increase, so his
A) income elasticity of demand for steak is 1.37. B) price elasticity of demand for steak is 1.37. C) income elasticity of demand for steak is 3.7. D) price elasticity of demand for steak is 3.7.
Labor specialization can increase production primarily because workers
a. are now supervised more and so have to work harder b. become proficient when they specialize in what they do best c. have to work more hours to buy the things they want d. engage in competitive, rather than cooperative, production e. have to learn how to do every production-related task well