An increase in the wage rate will lead to a reduction in the quantity of labor supplied if
a. the substitution effect outweighs the income effect
b. the income effect outweighs the substitution effect
c. the opportunity costs of leisure do not increase
d. the opportunity costs of working always increase
e. workers are irrational because otherwise they would be violating the law of supply
B
Economics
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In the table above, y is measured along the y-axis and x along the x-axis. The slope of the relationship between x = 0 and x = 2 is
A) -6. B) 2. C) 3. D) 6.
Economics
As the period for firms to expand output is lengthened, the elasticity of the market supply curve will:
a. approach zero. b. increase. c. decrease. d. remain the same since time does not affect the elasticity of market supply.
Economics