Which of the following statements best describes the empirical evidence regarding the life cycle model of labor supply? Multiple choice question. On average, hours of work moves lock-step with changes in the wage rate, both early in one's working life and late in one's working life. Hours of work is less sensitive to the wage rate at all ages than the life cycle model predicts. Hours of work increase early in the life cycle and decrease as retirement approaches but are not very sensitive to the wage between the two extremes