Shane just received a pay raise. Which of the following actions would be an example of the substitution effect on labor?
a. deciding to work extra hours
b. deciding to spend more time on leisure
c. deciding to purchase more expensive brands
d. deciding to save more money for retirement
a. deciding to work extra hours
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"Every point on a budget line has an indifference curve passing through it." Explain whether the previous statement is correct or not
What will be an ideal response?
Provide an example of each allocation method that illustrates when it works well
What will be an ideal response?
A document demonstrating ownership interest in a company is called a
a. contract b. bond c. stock d. lien e. none of these
If the supply of a good decreased, what would be the effect on the equilibrium price and quantity?
A. Price would increase, and quantity would decrease. B. Price would decrease, and quantity would decrease. C. Price would increase, and quantity would increase. D. Price would decrease, and quantity would increase.