As wages rise, if an employee works the same number of hours as before, then the: | |||||||||
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ANswer
Option 1
substitution effect and the income effect are of equal magnitude
Substitution effect of wage is to decide between work and leisure, and income effect is the increase in income because of wage increase if the person works more with an increase in wage rather than leisure then the income effect is less than substitution effect and vice verse.
As wages rise, if an employee works the same number of hours as before, then the:...
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