Multiple Choice
Lakisha's labor supply curve is downward sloping for wage rates greater than $40 per hour and upward sloping for wage rates less than $40 per hour.If leisure is a normal good for Lakisha and if the wage is _____,the substitution effect of a wage increase is _____ than the income effect.
A) greater than $40;greater
B) equal to $18;less
C) greater than $40;less
D) greater than $20;less
Correct Answer:
Verified
Correct Answer:
Verified
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