Question 43 1 Point Consider the following figure. Given a wage increase from WO to W1, the distance between I' and I1 represents: Income ($)
Question 43 1 Point Consider the following figure. Given a wage increase from WO to W1, the distance between I' and I1 represents: Income ($) | Slope = -W1 WIT + YN Slope = -W, WOT + YN E U1 Slope = -Wo Bo Uo l' l to T . Substitution effect Lelsure Income effect (nonmarket - Neteffect activity) (time) A The substitution effect B The income effect C The equilibrium choice for hours worked. D The net effect of both the substitution effect and the income effect
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