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Define each of the following concepts in no more than two lines: 1. Labor force participation rate. 2. Reservation wage. 3. Non-intersecting indifference curves. 4.
Define each of the following concepts in no more than two lines:
1. Labor force participation rate.
2. Reservation wage.
3. Non-intersecting indifference curves.
4. Substitution effect of a change in market wages.
5. Discouraged workers.
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