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Income and Substitution Effects of Supply of Labor

When the substitution effect of a wage raise dominates the income effect, in that case the: (1) labor supply curve will be "backward bending." (2) value of the marginal product will exceed the wage rate. (3) labor force participation rate will rise. (4) firm will hire more workers at higher wages. (5) individual’s labor supply curve will be positively sloped.

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