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What Are the Effects of a Minimum Wage That Is

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What are the effects of a minimum wage that is placed above the market equilibrium wage?


Definitions:

Marketplace

A venue, physical or digital, where goods, services, or information are exchanged.

Service

The act of providing assistance, work, or information to fulfill the needs or requirements of others.

Concept

An abstract idea or a general notion that exists in the mind as a result of mental understanding, awareness, or activity.

New-To-The-Market Products

Inventions that have never before been seen and create a new market.

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