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Title: Francis Crawford recently received a 20 percent wage increase and desires to work less. We can ... Post by: FAITHBELLE on Oct 10, 2019 Question 1. For most low-wage earners ▸ the substitution effect of a wage rate increase is likely to equal the income effect. ▸ the opportunity cost of leisure is high. ▸ the income effect of a wage rate increase is likely to be larger than the substitution effect. ▸ the substitution effect of a wage rate increase is likely to be larger than the income effect. Question 2. Francis Crawford recently received a 20 percent wage increase and desires to work less. We can conclude that at his current wage his supply of labor curve ▸ has a positive slope. ▸ is vertical. ▸ has a negative slope. ▸ is U-shaped. Title: Francis Crawford recently received a 20 percent wage increase and desires to work less. We can ... Post by: dnlee1 on Oct 10, 2019 Content hidden
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