Quiz: The Markets for Labor & Other Factors of Production C Submit This Question

Question

Quiz: The Markets for Labor & Other Factors of Production C Submit This Question: 2 pts 6 of 8 (2 complete) This Quiz: 10 pts po Suppose the wage increases. What effect will this have on a worker's labor supply? The substitution efflect of a wage increase causes the worker to supply The income quantity of labor effect of a wage increase causes the worker to supply labor a smaller the same a larger If the substitution effect is bigger than the income effect, then the supply lick to select your answer(s).

Explanation / Answer

First question is answered below

1. Substitution effect: Decrease work hours

2. Income effect: Increase work hours

3. Reduce

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