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liljay liljay
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5 years ago

Question 1.

At low wages, the labor supply curve for most people slopes upward because

• the supply of labor is perfectly inelastic at low wages.

• as wages increase the opportunity cost of leisure increases.

• as wages increase income also increases unless hours worked decrease.

• the demand for labor is perfectly elastic at low wages.

Question 2.

The substitution effect of a wage increase is observed when

• the higher wage income causes workers to take more leisure and work less.

• leisure's higher opportunity cost causes workers to take less leisure and work more.

• the higher wage income causes workers to take more leisure and work more.

• leisure's higher opportunity cost causes workers to take more leisure and work less.
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Microeconomics

Microeconomics


Edition: 7th
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swolfe15swolfe15
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