If workers suddenly decide to value more their leisure time than before, this
A) shifts the labor supply curve to the left, resulting in a wage increase and less workers hired.
B) shifts the labor supply curve to the right, resulting in a wage increase and less workers hired.
C) shifts the labor supply curve to the left, resulting in a wage decrease and less workers hired.
D) shifts the labor supply curve to the right, resulting in a wage increase and more workers hired.
A
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To be economically successful, the entrepreneur must
a. combine resources in a manner that increases their value. b. produce a good that consumers value less than the resources used to produce it. c. use only personal financial capital to avoid the interest payments that would have to be paid if the money is borrowed from the bank. d. transform or rearrange resources to maximize the entrepreneur's cost of production.
Television advertisements aired during major sporting events are very expensive. A theory asserting that people buy a product simply because it is advertised would suggest that information on the high cost of advertising
a. enhances the effectiveness of the advertisement. b. reduces people's willingness to purchase advertised products. c. is leaked to discredit the firms that spend so much on advertising. d. reduces the effective staying power of a product.