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5. The equation Y=0.5 + 2000 X (Y: labor supply, X: tax rate ) means: (3 Points) Labors prefer more leisure Substitution effect is dominated

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5. The equation Y=0.5 + 2000 X (Y: labor supply, X: tax rate ) means: (3 Points) Labors prefer more leisure Substitution effect is dominated Labors want to compensate the decline in their income as results of increasing tax rate A+B A None of Above

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