Which of the Following Helps to Explain Why the Supply

question 262

Multiple Choice

Which of the following helps to explain why the supply curve of labor is upward sloping?

• A)The supply curve of labor is a derived supply curve; since the output supply curve is upward-sloping so is the labor supply curve.
• B)As the wage rate rises, the income effect causes the quantity of labor supplied to increase.
• C)The substitution effect of a price change makes a good more expensive relative to other goods.
• D)As the wage rate rises, the opportunity cost of leisure rises.

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