In labor supply, the change in people's choices when they have more income is called the ______ effect.

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25-08-2022
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In labor supply, the change in people's choices when they have more income is called the ______ effect.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-09-03T14:54:46+02:00

In labor supply, the change in people's choices when they have more income is called the Positive income effect. The total hours that workers prefer to work at a particular real wage rate are referred to as the labor supply in standard economic theory.

A labor supply curve, which depicts hypothetical wage rates drawn vertically and the income of labor that a person or group of individuals is willing to offer at that wage rate displayed horizontally, is commonly used to portray it visually. There are three main components to labor supply or expected hours of work: the proportion of the population that is employed.

To learn more about labor supply, click here.

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