In order for a labor supply curve to be backward bendi
Question and Solution
In order for a labor supply curve to be backward bending at high wages Witch out of the following choices (A,B,C, or D
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In order for a labor supply curve to be backward bending at high wages
Witch out of the following choices (A,B,C, or D) is the correct choice?
A. leisure must be an inferior good. B. the income effect of a wage increase must be greater than the substitution effect. C. workers must have an irrational response to wage increases. D. the substitution effect of wage increase must be greater than the income effect.
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