An Increase in Travel Time to Work Will Likely ________

question 24

Multiple Choice

An increase in travel time to work will likely ________ labor force participation and ________ hours spent working and traveling (of those working and traveling before and after the wage increase) .

• A) increase; increase
• B) increase; decrease
• C) decrease; decrease
• D) decrease; increase

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Definitions:

Monopolist

A single seller in a market who has significant control over the market price and supply of a product or service, facing no direct competition.

Pure Monopolist's

A market structure in which a single firm has exclusive control over the supply of a good or service with no close substitutes, giving it the power to set prices.

Profit-Maximizing

The process or goal of a firm to adjust output and pricing to achieve the highest possible profit.

Marginal Revenue

The increased income derived from selling an additional unit of a product or service.