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Cell6 Cell6
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Wages and Labor Supply

Currently, Gunnar works 30 hours a week and earns $50 per hour. Next week his wage will increase to $75 per hour and Gunnar will work 20 hours a week. Gunnar's change in labor supply illustrates the ________ (substitution/income) effect because after the wage increase, he devotes ________ (more/less) time to leisure.

▸ income, more

▸ income, less

▸ substitution, less

▸ substitution, more
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Macroeconomics

Macroeconomics


Edition: 3rd
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angelofavariceangelofavarice
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