For the Past Year, Teddy Has Had a Part-Time Job

question 55

Multiple Choice

For the past year, Teddy has had a part-time job at which he is willing to work 30 hours each week. During Teddy's annual review, his boss grants him an 8 percent increase in his wage. As a result of the wage increase, Teddy is now willing to work 25 hours each week. Teddy's opportunity cost of ________ has risen and because for Teddy the substitution effect of the wage hike is ________ than the income effect.

• A) work; greater
• B) work; less
• C) leisure; greater
• D) leisure; less

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Definitions:

Large Dinosaurs

Large dinosaurs were prehistoric reptiles, including species like the Tyrannosaurus rex and Brachiosaurus, known for their massive size and diversity during the Mesozoic era.

Amino Acids

Organic compounds that serve as the building blocks of proteins, containing both amine and carboxyl functional groups.

Electrical Discharge

The release and flow of electric charge through a medium, often observed as a spark or lightning in nature.

Methane

A colorless, odorless flammable gas that is the simplest alkane, primarily used as fuel and a significant greenhouse gas.