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Refer to the diagram above Which of the following is a true statemen

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Refer to the diagram above. Which of the following is a
true statement? a) Long run reaction to higher wages is an
increase in hours worked to gain more income b) Workers
react to higher wages by working more hours in the long
run c) backward-bending supply curves for labor are not
typical in the short run d) Backward bending supply curves
for a labor are typical in the short run
Solution
a) long run reaction to higher wages is an increase in
hours worked to gain more income.

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Refer to the diagram above. Which of the following is a true statement? a) Long run reaction to higher wages is an increase in hours worked to gain more income b) Workers react to higher wages by working more hours in the long run c) backward-bending supply curves for labor are not typical in the sh ...
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