Define the following terms and explain their importance to the study of economics.
a. minimum wage law
b. income and substitution effects
c. backward-bending labor supply curve
d. human capital theory
e. dual labor markets

Question

Define the following terms and explain their importance to the study of economics. 
a. minimum wage law 
b. income and substitution effects 
c. backward-bending labor supply curve 
d. human capital theory 
e. dual labor markets

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The Answer of Define the following terms and explain their importance to the study of economics. 
a. minimum wage law 
b. income and substitution effects 
c. backward-bending labor supply curve 
d. human capital theory 
e. dual labor markets

Define the Following Terms and Explain Their Importance to the Study