If the income effect dominates the substitution effect, the labor supply curve will be backward-bending.
Answer the following statement true (T) or false (F)
True
The increased income made possible by higher wage rates might permit a worker to work fewer hours. These negative labor supply responses to increased wage rates are referred to as the income effect of a wage increase and will cause the labor supply curve to bend backward.
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A. Initiative B. Intelligence C. Years of education D. Employment status
Implicit cost involves a direct cash payment for the use of a resource
a. True b. False
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A) increases; falls B) decreases; falls C) decreases; rises D) increases; rises
A one-tail test of significance would be used to determine whether
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