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During the Past Year,Teddy Had a Part-Time Job at Which

question 105

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During the past year,Teddy had a part-time job at which he is willing to work 30 hours each week.During Teddy's annual review,his boss grants him an 8 percent increase in his wage.As a result of the wage increase,Teddy is now willing to work 25 hours each week.Teddy's opportunity cost of ________ has risen and for Teddy the substitution effect of the wage hike is ________ the income effect.


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