In the indifference curve-budget line model of labor supply,
a. labor is measured along the horizontal axis and leisure is measured along the vertical axis.
b. labor is measured along the horizontal axis and consumption is measured along the vertical axis.
c. consumption is measured along the horizontal axis and labor is measured along the vertical axis.
d. consumption is measured along the horizontal axis and leisure is measured along the vertical axis.
b. labor is measured along the horizontal axis and consumption is measured along the vertical axis.
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One difference between a monopoly and a competitive firm is that
A) a monopoly is a price taker. B) a monopoly maximizes profit by setting marginal revenue equal to marginal cost. C) a monopoly faces a downward sloping demand curve. D) None of the above.
The average annual rate of population increase in the Philippines from 2000 to 2010 was about 2 percent. Based on this rate of growth, the population of the Philippines will double in about:
A. 7 years B. 11 years C. 35 years D. 46 years