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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.

Tags supply curve labor cause wealth workers increase good leisure effect normal wage income change direction substitution bthe opposite moves curve inferior upwardsloping leftward true labor cshift supply slopes

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