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The slope and location of the demand curve depend on:
Producer Surplus
The difference between the actual amount received by sellers for a product and the least amount they would be willing to accept, representing the net benefit to producers.
Excess Supply
Occurs when the quantity of a good or service supplied is greater than the quantity demanded, often leading to a decrease in price.
Minimum Wage
The lowest legal salary that employers can pay their workers, established by government laws.
Labor Market
A marketplace where wages are determined, and workers are hired and fired.
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