A permanent increase in the real wage rate has a ________ income effect on labor supply than a temporary increase in the real wage, so labor supply is ________ with a permanent wage increase than for a temporary wage increase
A) larger; more
B) larger; less
C) smaller; more
D) smaller; less
B
Economics
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Explain why input demand curves slope downward using the concepts of the factor substitution effect and the output effect
What will be an ideal response?
Economics
Hyperinflations are caused by
a. persistant falls in aggregate supply. b. increases in poverty levels. c. high levels of money growth over sustained periods of time. d. falls in the velocity of money.
Economics