An economy in which output has decreased and prices have decreased would suggest a:

Consider two individuals, Ozzy and Sharon, who produce toy boats and yoyos. Ozzy's and Sharon's hourly productivity are as follows:

Yoyos /hour Toy boats /hour Ozzy 12 4 Sharon 10 5 Who has the absolute advantage or comparative advantage in the production of yoyos or boats?

When an individual's income goes up, that individual may choose to supply less labor, resulting in a backward-sloping labor supply curve

a. True b. False Indicate whether the statement is true or false