The Substitution Effect of a Decrease in the Wage Rate

question 188

Multiple Choice

The substitution effect of a decrease in the wage rate causes the quantity of labor supplied to _____

• A)always increase.
• B)increase only if the individual desires more leisure time.
• C)increase only if the substitution effect outweighs the income effect.
• D)always decrease.
• E)decrease only if the individual lowers the value of leisure time.

Calculate the actual realized mark-up in special discount scenarios.

Know how to calculate profit or loss for discounted products.

Understand the concepts of mark-up, markdown, and break-even price in retail.

Calculate the rate of mark-up on cost and its impact on pricing strategies.

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