The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6

-Since we all like to get richer, so when wage rate increases we always like to work longer hours to make more income.

Question

The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6
 
-Since we all like to get richer, so when wage rate increases we always like to work longer hours to make more income.

Quizplus · Accepted Answer

This statement is not necessarily true for everyone. People may have different preferences for leisure time versus income, and may not always choose to work longer hours when wage rates increase.

The Following Figures Show the Demand (D) and Supply (S)