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Draw the indifference curve for someone deciding how to allocate time between work and leisure. Suppose the wage increases. Is it possible that the person's consumption would fall? Is this plausible?
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-1.1 Scarcity
--1.1 Quick Quiz
-1.2 Opportunity Cost
--1.2 Quick Quiz
-1.3 Production Possibilities Frontier
--1.3 Quick Quiz
-1.4 The Method of Economics
--1.4 Quick Quiz
-1.5 Why People Trade with Each Other
--1.5 Quick Quiz
-2.1 Demand
--2.1 Quick Quiz
-2.2 Supply
--2.2 Quick Quiz
-2.3 Market Equilibrium
--2.3 Quick Quiz
-3.1 The Price Elasticity of Demand
--3.1 Quick Check
-3.2 Applications of Elasticity
--3.2 Quick Quiz
-4.1 Consumer Surplus and Producer Surplus
--4.1 Quick Quiz
-4.2 Market Efficiency
--4.2 Quick Quiz
-5.1 Externalities
--5.1 Quick Quiz
-5.2 Private Solutions to Externalities
--5.2 Quick Quiz
-5.3 Public Policies toward Externalities
--5.3 Quick Quiz
-5.4 Public Goods
--5.4 Quick Quiz
-5.5 Common Resources
--5.5 Quick Quiz
-6.1 What the Consumer Can Afford
--6.1 Quick Quiz
-6.2 What the Consumer Wants
--6.2 Quick Quiz
-6.3 What the Consumer Chooses
--6.3 Quick Quiz
-7.1 The Nature of the Firm
--7.1 Quick Quiz
-7.2 Production and Costs in the Short Run
--7.2 Quick Quiz
-7.3 Costs in the Long Run
--7.3 Quick Quiz
-8.1 The Four Types of Market Structure
--8.1 Quick Quiz
-8.2 A Competitive Firm’s Supply Decision
--8.2 Quick Quiz
-8.3 The Supply Curve in a Competitive Market
--8.3 Quick Quiz
-8.4 Why Monopolies Arise
--8.4 Quick Quiz
-8.5 Profit Maximization of a Monopoly
--8.5 Quick Quiz
-8.6 Public Policy toward Monopolies
--8.6 Quick Quiz
-8.7 Monopolistic Competition
--8.7 Quick Quiz
-8.8 Oligopoly
--8.8 Quick Quiz
-9.1 The Labor Market
--9.1 Quick Quiz
-9.2 Earnings
--9.2 Quick Quiz