Examlex
If the tax on a good is doubled,the deadweight loss of the tax
Backward-Bending
Describes a labor supply curve reflecting a situation where higher wages lead to a decrease in labor supplied because individuals opt for leisure over work.
Labor Supply Curve
A graphical representation showing the relationship between the different levels of wages and the quantity of labor workers are willing to supply.
Income Effect
A person’s willingness to give up some income in exchange for more leisure time.
Substitution Effect
If the price of a resource, say labor, goes up, business firms tend to substitute capital or land for some of their now-expensive workers. Also, the substitution of more hours of work for leisure time as the wage rate rises.
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