Author Question: The income effect of a higher wage rate results in a I. higher income as people work more. II. ... (Read 244 times)

dakota nelson · **on:** Jun 29, 2018

The income effect of a higher wage rate results in a

I. higher income as people work more.
II. person choosing to decrease work hours as income increases.
III. backward-bending labor supply curve.
A) I and II
B) II and III
C) I and III
D) II only

Question 2

The table above shows sales of the firms in the pet food industry. The four-firm concentration ratio in the industry is

A) 59 percent.
B) 80 percent.
C) 70 percent.
D) 40 percent.