In order for you to consider steak and lobster to be perfect ...

[corkyiscool3328]

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

[Pamela.irrgang@yahoo.com]

Answer to Question 1

FALSE

Answer to Question 2

TRUE

[corkyiscool3328]

Thanks for the timely response, appreciate it

[sailorcrescent]

Excellent