Multiple Choice
Tom started working five hours more each week,after receiving a $5 per hour increase in his hourly wage.This indicates that:
A) the income effect of the wage increase exceeded the substitution effect.
B) the substitution effect of the wage increase exceeded the income effect.
C) Tom's wage elasticity is equal to one.
D) Tom's wage elasticity is low.
Correct Answer:
Verified
Correct Answer:
Verified
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