=+f. True or False: If leisure is a normal good, the Laffer Curve can have an inverted
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=+f. True or False: If leisure is a normal good, the Laffer Curve can have an inverted U-shape only if leisure and consumption are (at least at some point) sufficiently substitutable such that the substitution effect (on leisure) outweighs the wealth effect (on leisure).
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Microeconomics An Intuitive Approach With Calculus
ISBN: 9781337335652,9781337027632
2nd Edition
Authors: Thomas Nechyba
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