As the income of an individual increases, he can afford more leisure. This refers to the ________ of a wage increase

A) income effect
B) substitution effect
C) transformation effect
D) opportunity cost effect

A

Economics

You might also like to view...

The Nash equilibrium was named after

a. Tom Nash b. John Nash c. Robert Nash d. Kelvin Nash

View
Economics

China collectivized its agriculture during the Cultural Revolution

a. True b. False

View
Economics