Which of the following variables is most directly determined in the labor market?

If a perfectly competitive industry becomes a monopoly and the costs do not change, which of the following allocation of costs and benefits applies?

A) The producer benefits, but consumers and society are harmed. B) The producer and society are harmed, but consumers benefit. C) The producer and society benefit, but consumers are harmed. D) The producer is harmed, but consumers and society benefit. E) The producer, consumers, and society all benefit.

In the case of leisure, the substitution effect implies that:

A) when the price of leisure increases, people will work more. B) when the price of leisure increases, people will work less and relax more. C) if people tend to work more and relax less, the price of leisure increases. D) if people tend to work more and relax less, the price of leisure decreases.