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ECO2023 Chapter 16 Discussion Questions a) Do consumers or firms supply labor? (25pts) b) What is the tradeoff made when labor time is used? (25pts)

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ECO2023 Chapter 16 Discussion Questions a) Do consumers or firms supply labor? (25pts) b) What is the tradeoff made when labor time is used? (25pts) c) Define the substitution effect of higher wages and define the income effect of higher wages. (25pts) d) Why might the labor supply curve bend backwards? (25pts)

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