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Explain using supply and demand graphs

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1. How could the minimum wage rate and migrant housing standards be expected to affect the prices of consumer goods? Explain, using supply and demand graphs.

2. Suppose government requires employers to pay a minimum wage of $10 per hour to workers over twenty-two years of age. What effect should such a law have on the employment opportunities and wage rates of persons under twenty-two?

Reference no: EM13878183

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