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Labor Supply Curve
A graphical illustration of the relationship between the wage rate and the quantity of labor workers are willing to supply at various wage rates.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another.
Income Effect
The change in consumers' purchasing power and consequently the quantity demanded of a good or service, prompted by a change in real income.
Opportunity Cost
Missing the chance to profit from several alternative options by deciding on one.
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