Author Question: Which of the following statements contradicts an upward-sloping market-supply curve? a. All people ... (Read 30 times)

CBme · **on:** Jun 30, 2018

Which of the following statements contradicts an upward-sloping market-supply curve?
a. All people have backward-bending individual supply curves.
b. Leisure is more enjoyable than work.
c. The elasticity of labor supply is larger than the elasticity of labor demand.
d. To work more means to enjoy less leisure.
e. The opportunity cost of leisure decreases with an increase in wage rate.

Question 2

In the opinion of many consumers, there are few, if any, substitutes for the popular search engine Google. If Google were to charge consumers for its services, it would face:
a. a relatively inelastic demand curve.
b. a relatively elastic demand curve.
c. a negative income elasticity of demand.
d. a positive cross elasticity of demand.
e. a perfectly elastic demand curve.