Multiple Choice
The substitution effect in the labor supply decision refers to
A) substituting leisure for work as the wage rate rises
B) substituting market work for nonmarket work as the wage rate falls
C) working more hours as the wage rate falls
D) working fewer hours as the wage rate rises
E) substituting market work for leisure or nonmarket work as the wage rate rises
Correct Answer:
Verified
Correct Answer:
Verified
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