Decide whether you agree or disagree with each of the fo
Question and Solution
Decide whether you agree or disagree with each of the following statements and explain your reason: a. If the income eff
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Decide whether you agree or disagree with each of the following statements and explain your reason: a. If the income effect of a wage change dominates the substitution effect for a given household and the household works longer hours following a wage change, wages must have risen. b. In product markets, when a price falls, the substitution effect leads to more consumption; but for normal goods, the income effect leads to less consumption
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