Suppose that the "Millennial" generation values leisure more than past generations. We can expect a decrease in the labor supply as the Millennials enter their prime working ages and a corresponding increase in wages.

Question

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If the Millennial generation values leisure more highly and thus chooses to work less, this would lead to a decrease in the labor supply. According to basic economic principles, a decrease in supply, with demand remaining constant, would lead to an increase in the price of labor, which means wages would increase.

Suppose That the "Millennial" Generation Values Leisure More Than Past