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The next few questions are based on the following description.
A biology student hiking in a forest happens upon an erect, 15-cm-tall plant that bears microphylls and a strobilus at its tallest point. When disturbed, the cone emits a dense cloud of brownish dust. A pocket magnifying glass reveals the dust to be composed of tiny spheres with a high oil content.
-This student has probably found a(n)
Labor Supply
The total hours that workers wish to work at a given wage rate.
Leisure
Time free from work or duties, which can be used for relaxation, recreation, or personal activities that one enjoys.
Income Effect
The adjustment in income of an individual or an economic system, and its effect on how much of a good or service is demanded.
Substitution Effect
The change in consumption resulting from a change in the price of a good, causing consumers to replace more expensive items with less expensive ones.
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