Answer:Substitution effect is greater than Income Effect
Explanation:
When there is increase in supply of labor as the wage rate increases then substitution effect dominates over Income effect.
on the other hand, When supply of labor decreases as the wage rate increases then income effect is stronger than substitution effect.
Here in this case with the increase in wage rate there is an increase in working hours. Therefore Substitution effect is greater than Income Effect
Answer:
B
Explanation:
One of the most important characteristics of a market economy, also called a free enterprise economy, is the role of a limited government. Most economic decisions are made by buyers and sellers, not the government. A competitive market economy promotes the efficient use of its resources.
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