For an individual's supply curve of labor to be backward bending: ...

[appyboo]

For an individual's supply curve of labor to be backward bending:
 a. the substitution effect must be greater than the income effect.
  b. the substitution effect must be equal to the income effect.
  c. the substitution effect must be less than the income effect.
  d. is an impossibility.

Question 2

U.S. Steel considers the iron ore market thin because of:
 a. the availability of wide range of ore producers.
  b. the scarcity of alternative ore suppliers.
  c. the volatility of ore prices.
  d. the low deliverability risks.

[ambernicolefink]

Answer to Question 1

c

Answer to Question 2

B