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Which of the following statements is correct? As the wage rate increases, the opportunity cost of not working decreases. The reservation wage rate is lowest
Which of the following statements is correct? As the wage rate increases, the opportunity cost of not working decreases. The reservation wage rate is lowest wage rate that a person is willing to work for. The income effect has a positive impact on the decision to work. When the demand for a product decreases with an increase in income, it is referred to as a normal good
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