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Explain the impact of income and substitution effects on labor supply in the context of a wage increase. Be sure to discuss the impact of

Explain the impact of income and substitution effects on labor supply in the context of a wage increase. Be sure to discuss the impact of each effect individually, as well as together. Additionally, discuss why a wage increase is likely to increase participation in a given labor market. An indifference curve graph may help in your answer.

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