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QUESTION
On a labor-lesiure budget constraint, indifference curve diagram, a lump sum of 4000 would cause a) Substitution effect only b) Income effect only c)...
On a labor-lesiure budget constraint, indifference curve diagram, a lump sum of 4000 would cause
a) Substitution effect only
b) Income effect only
c) Both income and substitution effects, that move hours of leisure in the same direction
d) Both income and substitution effects, that move hours of leisure in the opposite directions
