The lowest wage for which a person is willing to supply labor is known as the

Underlying economic theory is the idea that

A) people respond only to negative incentives, not to positive ones. B) choices are affected by both positive and negative incentives. C) value judgments do not play a role in the economic decisions people make. D) money is the only incentive that matters.

In the long run

a. all inputs are fixed. b. all inputs are variable. c. some inputs are fixed. d. production levels never change.