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Labor Supply Curve
A visual chart that displays how the wage rate correlates with the amount of labor that workers are prepared to offer.
Substitution Effect
The economic principle that as prices rise, consumers will replace more expensive items with less costly alternatives.
Income Effect
The impact that changes in either personal or economic income have on how much of a good or service is sought after.
Quantity of Labor
The total hours of work or number of workers employed by a firm or within an economy, which can influence production output levels.
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