Examlex
Which of the following is the most commonly used illegal drug in the United States?
Labor Market
The input/factor market in which households supply work for wages to firms that demand labor.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute cheaper goods for more expensive ones.
Wage Decrease
A reduction in the pay rate of a worker or a group of workers.
Labor Supply
The total hours that workers are willing and available to work at a given wage rate, within a specific labor market.
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