With Respect to Labor Supply, the Substitution Effect Means a

question 168

Multiple Choice

With respect to labor supply, the substitution effect means a

• A) person increases his or her hours of labor in response to a higher wage rate.
• B) person decreases his or her hours of labor in response to a higher wage rate.
• C) person substitutes high paying work for low paying work.
• D) firm substitutes capital for labor.

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Identify the basic components of spoken language and their significance.