The answer to this questions is "substitution effect" and the "income effect". Thus, we can have a complete sentence such as below:
Josh's wages rise and he decides to work more hours, we know that "substitution" effect has dominated the "income" effect.
Answer: $24,000
Explanation:
Under the defined contribution Keogh plan, Harvey is allowed to contribute the lesser amount of either $57,000 or 20% of his self-employed income from business.
20% of income is;
= 20% * 120,000
= $24,000
This is less than the maximum of $57,000 and so is the amount that Harvey can contribute to his retirement plan.
A(n) ________ is a party¹s official selection of a candidate to run for office.
b.nomination
D. Children spend more time in child care due to changing family structure and work responsibilities.
Answer:
single-product demand curve assumes constant money income such that a lower price causes a substitution of the now relatively cheaper product for those whose prices have not changed.
Explanation:
When the aggregate demand curve i.e. downward sloping would be different to the demand curve for the single product i.e. also downward sloping is due to as the single product demand curve would assume that the income would be constant in such a way the less price would lead a substitution that the product is not expensive at all
So the above would be the reason
