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Consider the graph above. where Leisure {hours spent not working} is on the horizontal axis, and the composite good it is on the vertical axis.
Consider the graph above. where Leisure {hours spent not working} is on the horizontal axis, and the composite good it is on the vertical axis. The points shown are where utility is maximized for three different budget constraints. What can you deduce about this individual's preferences and labor supply patterns? {Select all that apply) 0 Leisure is an inferior good 0 Demand for leisure is perfecy inelastic O The income effect for leisure is zero 0 The income elasticity of demand for leisure is zero. 0 The labor supply curve bends back
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