Which of the following workers would be most likely to work fewer hours as a result of a wage increase?
a. farm worker
b. surgeon
c. lifeguard
d. bartender
b
Economics
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According the graph shown, the profit-maximizing decision of the monopolist would be:
This graph shows the cost and revenue curves faced by a monopoly.
A. Q1, P1.
B. Q1, P3.
C. Q2, P2.
D. Q1, P2.
Economics
In a private closed economy where MPC = 0.8, if consumers reduce their spending by $10 billion and firms cut investments by $5 billion, then equilibrium real GDP will decrease by
A. $15 billion. B. $75 billion. C. $25 billion. D. $18.8 billion.
Economics