What Do We Know About the Slope of an Individual

question 153

Multiple Choice

What do we know about the slope of an individual worker's labour supply curve

• A)It cannot slope downward.
• B)It slopes downward if that person responds to a higher wage by taking fewer hours of leisure per week.
• C)It slopes downward if that person responds to a higher opportunity cost of leisure by working fewer hours per week.
• D)It is horizontal if that person works the same number of hours per week, regardless of the opportunity cost of leisure.

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Definitions:

Ownership

The legal right or title to an asset or property, encompassing the control, use, and disposition of the asset.

Perpetual System

An inventory management system that records sales and purchases of goods instantly through computerized systems to maintain accurate inventory levels at all times.

Revenue Side

Refers to the income-generating aspects of a business, focusing on activities that bring revenue into the company.

Sales Discounts

Reductions in the selling price offered to customers as incentives to encourage prompt payment.