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The price for labor is the wage rate.What happens to the quantity of labor supplied if wages increase?
Total Revenue
The total income received by a firm from the sale of its goods or services before any costs or expenses are deducted.
Elasticities
Indicators that show the sensitivity of the demand or supply of a product to variations in its price, income levels, or other relevant elements.
Elasticity of Demand
A measure of how much the quantity demanded of a good or service changes in response to a change in its price.
Determinant
A factor or element that causes change in an outcome or condition, often used in reference to variables that affect economic indicators.
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