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In a competitive labor market, when the government increases the minimum wage, the result is a(n) ________ in the quantity of labor supplied and a(n) ________ in the quantity of labor demanded.

In a competitive labor market, when the government increases the minimum wage, the result is a(n) ________ in the quantity of labor supplied and a(n) ________ in the quantity of labor demanded.

a. increase, increase

b. increase, decrease

c. decrease, increase

d. decrease, decrease

Jul 16 2021 View more View Less

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