The classical economists believed that a. labor supply is upward slop

The classical economists believed that

a. labor supply is upward sloping because the income effect is greater than the substitution effect.
b. labor supply is upward sloping because the substitution effect is greater than the income effect.
c. labor supply is downward sloping because the income effect is greater than the substitution effect.
d. in equilibrium, the marginal product of labor must exceed the real wage.
e. both b and d.

ANSWER

B