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24.)Which of the following must be true if you work less when your wage rate rises?...

24.)Which of the following must be true if you work less when your wage rate rises?
a.)The income effect is small.
b.)The substitution effect is large.
c.)The income effect is greater than the substitution effect.
d.)The substitution effect is greater than the income effect.
e.)The income effect is equivalent to the substitution effect.

26.)All else being equal, if the price of labor decreases,
a.)the labor supply curve will shift right.
b.)the labor supply curve will shift left.
c.)the quantity supplied of labor will increase.
d.)the quantity of labor supplied will decrease.
e.)the quantity of labor will remain the same.

27.)All else being equal, if the price of labor increases,
a.)the labor supply curve will shift right.
b.)the labor supply curve will shift left.
c.)the quantity supplied of labor will increase.
d.)the quantity of labor supplied will decrease.
e.)the quantity of labor will remain the same.

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Answer #1

Ans) the correct option is c) The income effect is greater than the substitution effect.

Ans) the correct option is b.)the labor supply curve will shift left

Ans) the y the correct c.)the quantity supplied of labor will increase.

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