The real wage denotes
A) the number of units of consumption goods that can be exchanged for one unit of labor time.
B) the number of units of labor time that can be exchanged for one unit of consumption goods.
C) the number of units of labor time that can be exchanged for one unit of leisure time.
D) the number of units of leisure time that can be exchanged for one unit of labor time.
Correct Answer:
Verified
Q30: An indifference curve
A) connects a set of
Q31: The representative consumer acts competitively
A) when he
Q32: Two key properties of indifference curves are
Q33: The fact that indifference curves are bowed
Q34: The time constraint for the consumer is
A)
Q36: The property of diminishing marginal rate of
Q37: A numeraire is
A) an average good.
B) a
Q38: A good is normal for a consumer
Q39: A good is inferior for a consumer
Q40: A barter economy
A) cannot be a market
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