Author Question: The labor-market-supply curve illustrates that, as the wage rate increases, the number of hours that ... (Read 33 times)

tth · **on:** Jun 30, 2018

The labor-market-supply curve illustrates that, as the wage rate increases, the number of hours that each person is willing and able to work rises.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Everything else held constant, the greater the number of close substitutes there are for a good, the smaller the price elasticity of demand for that good.
a. True
b. False
Indicate whether the statement is true or false