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An increase in wealth of some workers will cause the labor supply curve

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Subject: Accounting
Due on: 11/13/2017
Posted On: 11/13/2017 06:23 AM
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An increase in wealth of some workers will cause the labor supply curve associated with those workers to:

A)be backward-bending if the income effect outweighs the substitution effect of a change in wealth, and leisure is a normal good.

B)be downward-sloping if the substitution effect dominates the income effect.

C)shift leftward if leisure is a normal good.

D)be upward-sloping if leisure is an inferior good.


What is true for those for whom leisure is a normal good?

A) The labor supply curve always slopes down.

B)The income effect of a wage change always moves in the opposite direction from the substitution effect.

C)The labor supply curve always slopes up.

D)The income effect of a wage change always moves in the same direction as the substitution effect.

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