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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.
College Graduate
An individual who has successfully completed a degree program at a college or university.
High School Graduate
An individual who has successfully completed the course of study at a high school, receiving a diploma or certification.
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