Wealthy people will tend to have vertical labor supply curves

A) only if their income effect just offsets their substitution effect.
B) only if their income effect is greater than their substitution effect.
C) only if their income effect is less than their substitution effect.
D) only if they don't have an income effect.

A

Economics

You might also like to view...

________ in economics is a measure of satisfaction or happiness that comes from consuming a good or service

A) Budget B) Utility C) Income effect D) Substitution effect

Economics

In perfect competition, ________

A) there are restrictions on entry into the market B) firms in the market have advantages over firms that plan to enter the market C) only firms know their competitors' prices D) there are many firms that sell identical products

Economics