The income and substitution effects of a change in the wage rate always works in opposite directions.
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Q86: The income effect assumes that leisure is
Q87: Exhibit 13-4 Q88: Exhibit 13-4 Q89: Because of the substitution effect, labor supply Q90: The alternative to work postulated by economists Q92: Draw a labor supply curve and label Q93: As defined by economists, the term leisure Q94: The income effect in an individual's labor/leisure Q95: An upward-sloping individual labor supply curve indicates Q96: One reason that the average workweek has
A)tends
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