During the Past Year,Teddy Had a Part-Time Job at Which

question 105

Multiple Choice

During the past year,Teddy 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 for Teddy the substitution effect of the wage hike is ________ the income effect.

• A)leisure;less than
• B)leisure;more than
• C)labour;less than
• D)labour;more than
• E)leisure;equal to

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Definitions:

Physical Objects

Material entities that occupy space and have mass, as opposed to abstract concepts or ideas.

Light Wave

A form of electromagnetic radiation that is visible to the human eye and is responsible for the sense of sight.

Intensity

The degree of strength, force, or energy with which a feeling, process, or phenomenon occurs.

Amplitude

The maximum extent of a vibration or oscillation, measured from the position of equilibrium.