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Which of the following is least true with regard to presidential power?
Labor Supply Curve
A visual diagram that illustrates the connection between the amount of wages and the volume of labor that employees are prepared to offer.
Income Effect
Change in consumption of a good resulting from an increase in purchasing power, with relative prices held constant.
Substitution Effect
Change in consumption of a good associated with a change in its price, with the level of utility held constant.
Perfectly Competitive
A market structure characterized by a large number of small sellers and buyers, homogeneous products, and freedom of entry and exit.
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