The labor demand curve shifts up and out over time with capital accumulation, technological advance, and improvements in labor quality.
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Q52: For a person on the backward-bending part
Q53: Because each hour of work is better
Q54: Higher wages will tend to eliminate excess
Q55: Nominal wages determine how much labor is
Q56: Wage incomes sometimes contain rent elements.
Q58: A change in technology can increase the
Q59: The law of diminishing returns helps explain
Q60: The demand for labor is determined by
Q61: Figure 13-6 Q62: The law of supply and demand suggests
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