If Leisure Were an Inferior Good,what Shape Would Labour Supply

question 79

Multiple Choice

If leisure were an inferior good,what shape would labour supply curves be

• A)negatively sloped
• B)positively sloped
• C)vertical
• D)horizontal

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Definitions:

Real Income

Income of individuals or nations after adjusting for inflation, reflecting the true purchasing power over time.

Depreciation

An accounting method of allocating the cost of a tangible asset over its useful life.

Interest Expense

The cost incurred by an entity for borrowed funds; this can include payments on loans, bonds, or other financial liabilities.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced items are recorded as sold first.