Author Question: In order for you to consider steak and lobster to be perfect substitutes, their prices per pound ... (Read 37 times)

corkyiscool3328 · **on:** Jun 29, 2018

In order for you to consider steak and lobster to be perfect substitutes, their prices per pound must be identical.

Indicate whether the statement is true or false

Question 2

The labor supply curve is backward bending because at higher wages the income effect eventually dominates the substitution effect.

Indicate whether the statement is true or false