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Author Question: In order for a labor supply curve to be backward bending at high wages A) workers must have an ... (Read 49 times)

kaid0807

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on: Jun 29, 2018
In order for a labor supply curve to be backward bending at high wages
 
  A) workers must have an irrational response to wage increases.
  B) leisure must be an inferior good.
  C) the substitution effect of a wage increase must be greater than the income effect.
  D) the income effect of a wage increase must be greater than the substitution effect.

Question 2

Refer to Figure 24-1. Ceteris paribus, an increase in personal income taxes would be represented by a movement from
 
  A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
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Pariscourtney

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

B


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