In order for a labor supply curve to be backward bending at high wages;Witch out of the following choices (A,B,C, or D) is the correct choice?;A. leisure must be an inferior good.;B. the income effect of a wage increase must be greater than the substitution effect.;C. workers must have an irrational response to wage increases.;D. the substitution effect of wage increase must be greater than the income effect.
Paper#24233 | Written in 18-Jul-2015Price : $27