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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

What do substitution and income effects have to do with the supply curve of labor?

To determine

Role of substitution and income effects on supply curve of labor.

Explanation

When the wage rate increases, the labors work for more hours and the opportunity cost for leisure increases. Therefore, the labors substitute their leisure time. Thus, the supply curve of labor slopes upward. This means that the income effect is greater than the substitution effect...

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