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1. Consider the competitive labor market. The supply of labor is a. upward sloping because workers will want to work more as wages rise b.

1. Consider the competitive labor market. The supply of labor is

a. upward sloping because workers will want to work more as wages rise

b. downward sloping because workers will want to work less as wages rise

c. upward sloping because workers will want to work less as wages rise

d. downward sloping because workers will want to work more as wages fall

2. Which of the following is NOT true regarding the image below?

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