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Graphically illustrate (using the WS and PS relations)and explain the effects of a reduction in the minimum wage on the equilibrium real wage,the natural rate of unemployment,the natural level of employment,and the natural level of output.
Corporation Income Tax
A tax imposed on the net income of a corporation, calculated based on the company's profit.
Capital Flow
The movement of money for the purpose of investment, trade, or business production, either within a country or internationally.
Tax Shifting
The transfer of the burden of a tax from the entity legally responsible for paying it to another party, often consumers, through higher prices.
Tax Evasion
The illegal practice of not paying taxes by not reporting income, reporting expenses not legally allowed, or by not paying taxes owed.
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