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) If Fred's labor supply curve is upward sloping,Fred will choose to work fewer hours.
D) Both a and b are correct.
Correct Answer:
Verified
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