Examlex
When asked by her boyfriend if she would like to watch an erotic film, Celia reports she is "just not into that." Which of the following is likely NOT a reason why Celia would have given that response?
Backward Bending
A curve, often related to the labor supply, indicating that beyond a certain wage level, as wages increase, individuals may choose to work fewer hours, prioritizing leisure over additional income.
Income Effect
The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another more affordable one.
Competitive Firm
A competitive firm is a business that operates in a market where there are many sellers and buyers, the product offered is similar, and the firm can only be a price taker, not a price maker.
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