The Explanation for the Upward Sloping Supply of Labor Curve

question 52

Multiple Choice

The explanation for the upward sloping supply of labor curve is that:

• A) the marginal product of capital is positive
• B) as the wage rises, the opportunity cost of leisure rises, so people work more
• C) as the wage rises, people want to work less
• D) the marginal product of labor is diminishing
• E) None of these answers are correct.

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Definitions:

Cost Curves

Graphical representations that show how the cost of producing a good or service changes with changes in the production volume.

Full Cost

The total amount of expenses incurred to produce a good or service, including direct, indirect, fixed, and variable costs.

Expert Systems

Computer programs that mimic the decision-making abilities of a human expert in a specific domain, utilizing a set of rules.

Maintenance Systems

encompass the strategies and practices implemented to ensure equipment and facilities are kept in working condition to support ongoing operations.