One way of overcoming the problem of the commons is to make it private property

Which of the following is TRUE?

A) MPC + MPS = 1 B) MPC * MPS = 1 C) MPC - MPS = 1 D) MPC / MPS = 1

The income effect of a higher real wage on the quantity of labor supply is the

A) idea that workers feel psychologically wealthier when wages are higher, so they work more. B) effect that income must rise when wages rise. C) tendency of workers to supply more labor in response to becoming wealthier. D) tendency of workers to supply less labor in response to becoming wealthier.