Given a Fixed Amount of Time, a Decision to Supply

question 118

Multiple Choice

Given a fixed amount of time, a decision to supply labor or not is simultaneously a decision to

• A)demand goods and services or not.
• B)demand leisure or not.
• C)supply capital and land or not.
• D)supply leisure or not.

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Definitions:

Marginal Revenue

Marginal revenue is the additional income earned from selling one more unit of a good or service.

Total Revenue

The overall amount of money generated by a business from its activities, such as sales of goods or services, before any expenses are subtracted.

Marginal Revenue

The additional income obtained from selling one more unit of a product or service.

Marginal Cost

The increment in total pricing necessary for the creation of one more unit of any good or service.