A backward-bending portion of an individual labor supply curve is most likely to be observed:
a. at lower wages

The table above gives the CPI for a nation. Based on the table, we can determine that the reference base period is

A) 1994. B) 1996. C) 1998-2000. D) 2002. E) More information about when the Consumer Expenditure Survey was undertaken is needed to answer the question.

Economic profits are equal to

A) total revenues minus total fixed costs. B) total revenues, after tax, minus cost of goods sold. C) total revenues minus the implicit and explicit costs of all inputs used. D) total revenues minus the opportunity cost of labor.