Fred's hourly wage increases from $8 to $10.Which of the following describes a consequence of the increase in Fred's wage?
A) The opportunity cost of Fred's leisure time has decreased.
B) Fred may choose to work fewer hours due to the increase in his wage.
C) The tradeoff between work and leisure is now easier for Fred because he earns more money.
D) Both a and b are correct.
Correct Answer:
Verified
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