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True or False (12 points) Are the following statements True or False? Explain briefly. i. If two goods are perfect complements, the substitution effect is
True or False (12 points) Are the following statements True or False? Explain briefly. i. If two goods are perfect complements, the substitution effect is equal to the income effect. ii. Average product of labor () is always greater than marginal product of labor (). iii. Production isoquants represent levels of output that can be produced with equal cost
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