Multiple Choice
For most low-wage earners,
A) the income effect of a wage rate increase is likely to be larger than the substitution effect.
B) the substitution effect of a wage rate increase is likely to equal the income effect.
C) the opportunity cost of leisure is high.
D) the substitution effect of a wage rate increase is likely to be larger than the income effect.
Correct Answer:
Verified
Correct Answer:
Verified
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