When wages increase, will the typical person work more or less?
Explain why. (please give at least 2 examples)
It depends on the person.
Lets say we have three guys who work for 8 hours a day. Their wage is $10/hour. Now, their boss gave them a raise and their new wage is $20.
In the first example, the first guy only works for 4 hours now. He makes $80 a day (which is the same as before the raise). He enjoy more ...