Examlex
You can use the ____ constraint to compare one column against another column.
Technological Progress
The improvement or development in technology which increases productivity and can lead to economic growth and improved living standards.
Backward-Bending
This term describes a situation where, beyond a certain point, higher wages actually lead to a decrease in labor supply because workers prefer leisure over additional work.
Substitution Effect
The economic principle that as the price of one good increases, consumers will replace it with a similar, less expensive good, influencing demand patterns.
Income Effect
The effect of income variations in individuals or economies on the demand levels for goods and services.
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