Question

What is the difference between the static labour supply framework and the dynamic one? Dynamic pertains to the present time frame, while static pertain to the entre life-cycle. The static framework refers only to the individual's labour supply choices, while for the dynamic framework the spouse'sdecisions are taken into account The static framework refers to the short run, while the dynamic one refers to the long-run In the dynamic framework events in one time period can have repercussions for labour supply choices in another timeperiod. None of the above

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