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How often must legislative district lines be redrawn?
Labor Supply Curve
The graphical representation showing the relationship between the different wage rates and the quantity of labor that workers are willing to supply.
Wage Rate
The amount of compensation a worker receives per unit of time, such as an hour or a week, for their labor.
Backward Bending
A curve, often related to the labor supply, indicating that beyond a certain wage level, as wages increase, individuals may choose to work fewer hours, prioritizing leisure over additional income.
Income Effect
The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
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