Roxanne's Hourly Wage Increases from $9 to $13

question 27

Multiple Choice

Roxanne's hourly wage increases from $9 to $13. Which of the following describes a consequence of the increase in Roxanne's wage?

• A)The opportunity cost of Roxanne's leisure time has increased.
• B)Roxanne may choose to work fewer hours due to the increase in her wage.
• C)If Roxanne's labor supply curve is upward sloping, she will choose to work fewer hours.
• D)Both a and b are correct.

Grasp the relationship between good prices and quantity demanded or supplied, distinguishing between movements along curves and shifts of curves.

Identify the characteristics and effects of substitute and complement goods on market demand.

Comprehend how changes in expectations about future prices impact current demand and supply.

Recognize how various factors, including policy interventions, influence market demand and supply.

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Definitions:

Priming

A process in psychology where exposure to a stimulus influences a response to a subsequent stimulus, without conscious guidance or intention.

Top-Down Processing

A cognitive process where perception starts with the brain applying previous experience and expectations to interpret sensory information.

Unconscious Associations

Unconscious Associations are automatic connections made by the brain between different ideas or concepts, influencing perceptions and behavior without conscious awareness.

Psychokinesis

The purported ability to move or manipulate objects with the mind without physical intervention; considered a paranormal phenomenon.