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Match the terms labelled a. through d. with their correct physiological events. (Options may be used more than once or not at all.)
-increased blood flow into muscle tissue in response to a localized increase in carbon dioxide
Income Effect
A person’s willingness to give up some income in exchange for more leisure time.
Substitution Effect
If the price of a resource, say labor, goes up, business firms tend to substitute capital or land for some of their now-expensive workers. Also, the substitution of more hours of work for leisure time as the wage rate rises.
Substitution Effect
The economic principle that as prices rise, consumers will replace costlier items with less expensive alternatives, holding the utility they receive constant.
Manufacturing Wage Rates
The amount of remuneration or earnings per unit of time by workers in the manufacturing sector.
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