Assume Leisure Is a Normal Good

question 230

Multiple Choice

Assume leisure is a normal good. The substitution effect of a wage decrease implies a ________ demand for leisure and a ________ labor supply.

• A) lower; higher
• B) higher; lower
• C) higher; higher
• D) lower; lower

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Definitions:

Plastic Surgeon

A medical specialist focused on reconstructing or repairing parts of the body by moving tissue for cosmetic or functional reasons.

Legally Valid

Having a status that is recognized and enforceable by law or within the legal system.

Satisfactory Performance

In contract law, the situation that exists when either personal taste or objective standards determine the contracting parties have performed their contractual duties according to the agreement.

Personal Tastes

Individual preferences or likes, particularly relating to aesthetic or consumption choices.