In New Zealand one worker can produce 40 walking sticks or 10 boomerangs each hour. What is the opportunity cost of producing one walking stick?

The demand for labor depends on I. technology. II. the prices of other factors of production. III. the price of the product

A) I and II B) II and III C) I and III D) I, II and III

The upward-sloping character of the labor supply schedule assumes that the ________

A) the substitution effect is equal to the income effect B) the substitution effect is larger than the income effect C) the substitution effect is smaller than the income effect D) the ratio of real wages to the marginal product of labor is equal to the equilibrium nominal wage