Which of the following scenarios is the best depiction of the substitution effect of a wage increase?
Bryce can substitute for a higher level employee because her wages increased.
Bryce tells a friend that he can substitute his work with hers to make more money.
Bryce chooses to work fewer hours because she will still make the same amount.
Bryce chooses to work extra hours instead of going swimming and snorkeling.
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Which of the following scenarios is the best depiction of the substitution effect of a wage increase...
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