The price-consumption curve: a. connects the various ...

[Evvie72]

The price-consumption curve:
 a. connects the various combinations of two goods as a consumer's income changes.
 b. connects the various combinations of two goods as the relative price of one good changes.
  c. shows the quantity of a good consumed as a function on income.
 d. All of the above are correct statements.

Question 2

Which of the following best explains the shape of the individual labor-supply curve?
 a. The individual labor-supply curve is exactly like any supply curve, it always has a positive slope.
  b. The individual labor-supply curve slopes downward at all wage rates because, as wages increase, people are able to buy more leisure.
  c. The individual labor-supply curve slopes upward at lower wage rates and then bends back at higher wage rates.
  d. The individual labor-supply curve must be vertical because each person can work only eight hours per day.
  e. The individual labor-supply curve must be horizontal because labor markets are assumed to be perfectly competitive.

[batool]

Answer to Question 1

b

Answer to Question 2

c

[Evvie72]

Thanks for the timely response, appreciate it

[T4T]

TYSM