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Francis Crawford recently received a 20 percent wage increase and desires to work less. We can ...

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Francis Crawford recently received a 20 percent wage increase and desires to work less. We can ...

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

Edition: 1^st

Authors: Hubbard, O'Brien

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