Evaluate If Possible

question 174

Multiple Choice

Evaluate if possible. If the expression is not a real number, so state.
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• A) 19,683
• B) 243
• C) 6561
• D) 2187

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Definitions:

Backward-Bending

Describes a labor supply curve reflecting a situation where higher wages lead to a decrease in labor supplied because individuals opt for leisure over work.

Labor Supply Curve

A graphical representation showing the relationship between the different levels of wages and the quantity of labor workers are willing to supply.

Income Effect

A person’s willingness to give up some income in exchange for more leisure time.

Substitution Effect

If the price of a resource, say labor, goes up, business firms tend to substitute capital or land for some of their now-expensive workers. Also, the substitution of more hours of work for leisure time as the wage rate rises.