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In Figure 30.1, the labor supply could shift from S1 to S2 due to all of the following except
Utility-Maximizing Rule
An economic principle stating that consumers allocate their income to purchase the combination of goods and services that maximizes their utility.
Consumption Mix
The combination of goods and services consumed by an individual or in an economy, reflecting preferences, income levels, and other factors.
Marginal Utilities
The increased happiness or advantage gained by a consumer from consuming an extra unit of a good or service.
Maximum Utility
The greatest level of satisfaction or benefit that a consumer can obtain from consuming goods and services.
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