Goods and services are affected by income and substitution in different ways. The income effect is the change in consumption due to changes in consumer income. The substitution effect describes how ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Erika Rasure is globally-recognized as a ...

This is a preview. Log in through your library . Abstract This paper proposes an explanation of the backward-bending labor supply curve that is not based on the premise that the income effect ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Erika Rasure is globally-recognized as a ...