Steven's reservation wage is $12 and his market wage is $11.We can conclude that:
A) Steven's marginal rate of substitution of leisure for income is less than his reservation wage
B) Steven will be a nonparticipant in the labor market
C) Steven's subjective valuation of nonmarket time is less than the value of work
D) Steven has no nonwage sources of income
Correct Answer:
Verified
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