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Supply curve for entry level labor

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As a result of the Great Depression, the U.S. government established many new regulations targeted at helping workers and consumers. One new piece of legislation was the minimum wage law, which sets a floor on the price of labor.

Today, we frequently debate what impacts an increase in minimum wage would have. What impacts might a rise in the minimum wage have (if phased in over the next 3-4 years)? Focus on the demand curve for entry level labor, and the supply curve for entry level labor.

Reference no: EM131692245

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