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The employment effect of a minimum wage increase is greater the
Grapefruits
A large, round citrus fruit with a sour to semi-sweet flavor, commonly known for its beneficial nutrients and use in diets.
Giffen Good
A product that paradoxically experiences an increase in demand as its price increases, violating the basic law of demand, often due to the lack of close substitutes.
Inferior Good
A type of good for which demand decreases when consumer income rises, contrasting with normal goods, for which the opposite is observed.
Utility Function
A mathematical representation of how consumer preference over a set of goods and services translates into choices given constraints, like income.
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