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FAITHBELLE FAITHBELLE
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4 years ago

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.

Textbook 
InMicro

InMicro


Edition: 1st
Authors:
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dnlee1dnlee1
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#1
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4 years ago
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FAITHBELLE Author
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4 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
wyq2651
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Yesterday
this is exactly what I needed
smdavis
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2 hours ago
This site is awesome
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