The income effect of a higher wage rate results in a I. higher ...

[dakota nelson]

The income effect of a higher wage rate results in a
 
  I. higher income as people work more.
  II. person choosing to decrease work hours as income increases.
  III. backward-bending labor supply curve.
  A) I and II
  B) II and III
  C) I and III
  D) II only

Question 2

The table above shows sales of the firms in the pet food industry. The four-firm concentration ratio in the industry is
 
  A) 59 percent.
  B) 80 percent.
  C) 70 percent.
  D) 40 percent.

[duy1981999]

Answer to Question 1

B

Answer to Question 2

C

[dakota nelson]

YES! Correct, THANKS for helping me on my review

[Dominic]

Excellent