According to the output effect, a decrease in the wage will decrease production costs, so the price of final goods will decrease and the demand for labor will decrease.
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Q59: Q60: Q61: If Jerry's demand for leisure increases as Q62: What is the output effect? Q63: When wages increase, the income effect of Q65: Why is the demand for labor downward Q66: The output effect is the change in Q67: Explain why the marginal revenue product of Q68: What is the input-substitution effect? Q69: The input-substitution effect associated with an increase
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