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The Substitution Effect in the Work-Leisure Model Induces a Person

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The substitution effect in the work-leisure model induces a person to work less in response to higher wages, which tends to make the labor-supply curve slope upward.


Definitions:

Legal Realists

A group of scholars who argue that law is not a set of abstract rules but is influenced by social and political factors.

Law in Action

A principle focusing on how laws are applied and enforced in real life, as opposed to theoretical or doctrinal interpretations.

Public Officials

Individuals holding positions of authority in governmental organizations, responsible for implementing public policy, making decisions, or overseeing public resources.

Bicameral Legislature

A legislative body made up of two branches or chambers, like the House of Representatives and the Senate in the U.S. Congress.

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