The quantity theory of money can be written as

If a good has only a few, poor substitutes, is its demand elastic or inelastic?

What will be an ideal response?

As the real wage increases, assuming that the substitution effect dominates, then

a. individuals move to lower indifferent curves and consume less leisure. b. individuals move to higher indifferent curves and consume less leisure. c. individuals move to higher indifferent curves and consume more leisure. d. individuals stay on the same indifferent curve and consume more leisure.