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Based on your understanding of the AS- AD model and the IS- LM model, graphically illustrate and explain what effect an increase in the minimum wage will have on the economy. In your graph, clearly illustrate the short- run and medium- run equilibria. Also include in your answer an explanation of the effects of this change in minimum wage on the labour market and the equilibrium real wage.
Customer is King
A business philosophy that emphasizes the importance of customer satisfaction and prioritizing customer needs in company decisions.
Seller's Market
A market condition characterized by a high demand for goods and services relative to supply, often leading to higher prices and quicker sales.
Value
The relevance, merit, or utility of something for someone.
Transaction-oriented Marketing
Marketing strategies focused primarily on making sales transactions rather than building long-term relationships with customers.
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