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Question #47895

The substitution effect of higher wages suggests that as the wage rate increases ?

Options:

A) leisure becomes less expensive and households buy more of it

B) leisure becomes more expensive and households buy more of it

C) leisure becomes more expensive and households buy less of it

D) leisure becomes less expensive and households buy less of it.

Answer: The substitution effect of higher wages suggests that as the wage rate increases leisure becomes more expensive and households buy less of it.

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