What is the resrvation wage

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What is the resrvation wage? "other things being equal, one' reservation wage increase as larger amounts of nonlabor income are realized" Do you agree? Explain. Redraw the indifference curves of Figure 2.8 to demonstrate that anything that lowers (raises) the value of nonmarket time will increase (reduce) the probability of labor force participation.

Reference no: EM13827465

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