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Select the correct answers. A person's labour supply is downward sloping______: If the individual's marginal utility of consumption is lower than the marginal utility of
Select the correct answers.
A person's labour supply is downward sloping______:
- If the individual's marginal utility of consumption is lower than the marginal utility of leisure.
- Whenever leisure is an inferior good.
- Whenever leisure is a normal good.
- If the income effect is larger than the substitution effect , in the opposite direction
- If the income effect is smaller than the substitution effect, in opposite direction
- If the substitution and income effect go in the same direction
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