Which of the following helps to explain why the supply curve of labor is upward sloping?
A) The substitution effect of a price change makes a good more expensive relative to other goods.
B) The supply curve of labor is a derived supply curve; since the output supply curve is upward-sloping so is the labor supply curve.
C) As the wage rate rises, the income effect causes the quantity of labor supplied to increase.
D) As the wage rate rises, the opportunity cost of leisure rises.
Question 2
The most important of the factors that make a firm successful and that can be controlled by the firm's owners and managers are
A) lobbying government to erect or enforce entry barriers in its markets and the marketing of its products as widely as possible.
B) the establishment of trademarks for its products and the aggressive defense of those trademarks.
C) the differentiation of its products and the production of products at a lower average cost than competing firms.
D) the selection of the prices of its products and the selection of the most productive and loyal employees.
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