Average & Total Cost, Application of Economics & Income Inequality Mcqs


Q.  The substitution effect of higher wages suggests that as the wage rate increases ?

a. leisure becomes less expensive and households buy more of it
b. leisure becomes more expensive and households buy more of it
c. leisure becomes more expensive and households buy less of it
d. leisure becomes less expensive and households buy less of it.


ANSWER: See Answer
 
No explanation is available for this question!
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