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Author Question: Meredith receives a wage hike. If Meredith decides to work an extra hour A) her reservation wage ... (Read 115 times)

corkyiscool3328

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on: Jun 29, 2018
Meredith receives a wage hike. If Meredith decides to work an extra hour
 
  A) her reservation wage rate exceeds her value of marginal product.
  B) her opportunity cost of leisure is high.
  C) her substitution effect is greater than her income effect.
  D) she operates on the backward-bending portion of her labor supply curve.

Question 2

In the figure above, suppose the price of a pound of pecans is negatively related to the quantity of peanuts that farmers are willing to supply. If the price of pecans increases
 
  A) the curve will shift rightward.
  B) the curve will shift leftward.
  C) there is a movement along the curve.
  D) the curve will be unaffected.


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stallen

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


corkyiscool3328

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

LVPMS

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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