True-False, Answer the following questions

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True-False, Answer the following questions. For each, provide a high-quality explanation including one or more graphs to get full credit.

a. For the labor supply curve to bend backward (so that less labor is supplied as the wage rate goes up), leisure must be an "inferior" good. Hint: Your graphical analysis should not show a labor supply curve!

b. Imposition of a binding minimum wage on a monopsonist employer can cause employment to increase, compared to an unregulated monopsony, but at the same time can cause unemployment.

c. As a general rule, to maximize the present discounted value of the wood obtainable from a tree, the forester should wait until the tree has reached its maximum size.