As the wage rate increases, the income effect tends to reduce the quantity of labor supplied to the market

Nations typified by high rates of illiteracy, high unemployment, high fertility rates, and exports of primary products are known as ________

a. developed countries b. high-income countries c. industrial market countries d. developing countries

Accounting profit will always be

A) more than economic profit. B) equal to sunk costs. C) less than economic profit. D) equal to implicit costs.