You win the million-dollar lottery and decide to quit working. how can you explain this decision using economics? choose one or more: a. the substitution effect now governs your behavior as you demand more leisure. b. the substitution effect now governs your behavior as you demand less leisure. c. the income effect now governs your behavior as you supply more labor. d. the opportunity cost of leisure goes up. e. the opportunity cost of leisure goes down. f. the income effect now governs your behavior as you demand more leisure.

The correct answer is option E and F.

Explanation:

A person has won a million-dollar lottery and decided to quit working.

When this person won this lottery it increases his income. This increase in income has caused the person to prefer leisure overwork. This implies that with the increase in income the opportunity cost of leisure has decreased.  

With an increase in income, the purchasing power increases as well. With the increase in purchasing power, the person would demand more leisure. This implies that with the increase in income, the income effect is causing demand for leisure to increase.  

answer; only identify and interpret trends in the marketplace;

answer; strategic planning;