Meredith receives a wage hike. If Meredith decides to work an extra hour
A) her reservation wage rate exceeds her value of marginal product.
B) her opportunity cost of leisure is high.
C) her substitution effect is greater than her income effect.
D) she operates on the backward-bending portion of her labor supply curve.
C
You might also like to view...
Which of the following is true?
a. Employers who discriminate against women will have lower costs than rival firms that hire employees strictly on the basis of merit (productivity). b. On average, the number of hours worked per year by women in the labor force is greater than the hours worked by men in the labor force. c. The female/male earnings ratio is substantially higher for never married persons than for those married with a spouse present. d. As the proportion of women preparing for careers as professionals has increased in recent decades, the earnings of women have declined relative to those for men.
A monopoly is most likely to emerge in a market when
a. the producers in the market have U-shaped average total cost curves. b. the price elasticity of demand for the product is high. c. the cost of entry and exit into the market is low. d. economies of scale are large relative to market demand.