Examlex
Selecting a subset of clusters and then selecting a sample of elements in each of those clusters is referred to as
Labor Supplied
The total hours of work that workers are willing to offer at a given wage rate.
Hourly Wage Rate
The amount of money paid for each hour of work.
Opportunity Cost
The cost of the next best alternative forgone as a result of making a decision.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods.
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