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25. Thinkaboutthebackward-bendingpartofthelabor supply curve. Why would someone work less as a result of a higher wage rate? 26. What would be the substitution effect and

25. Thinkaboutthebackward-bendingpartofthelabor supply curve. Why would someone work less as a result of a higher wage rate?

26. What would be the substitution effect and the income effect of a wage increase?

27. Visit the BLS website and determine if education level, race/ethnicity, or gender appear to impact labor versus leisure choices.

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