The labor supply income effect describes the _______ in the quantity of labor supplied due to _______.
A) increase; a higher wage
B) decrease; the greater demand for leisure caused by a higher income
C) decrease; a lower wage
D) increase; the greater demand for leisure caused by a higher income
Correct Answer:
Verified
Q62: The market labor supply curve is typically:
A)upward
Q63: A decrease in the quantity of labor
Q64: If the income effect outweighs the price
Q65: Labor supply will decrease when wages increase
Q66: Which of the following is not a
Q68: Which of the following would be considered
Q69: If the price effect outweighs the income
Q70: In general, as wages go up:
A)people are
Q71: Which of the following would not be
Q72: Safiya works at a factory for $15
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